Against the tide of the CAC40, Saint-Gobain is up nearly 1% on the back of UBS, which has raised its recommendation on the building materials group from 'neutral' to 'buy', with a price target raised from 62 to 71 euros.

With an FCF yield of 9% and a price/earnings ratio of less than 10 times, the market is taking into account the potential for a fall in margins, which we do not believe will materialize", says the broker, who expects the stock to be revalued with an inflexion in the end markets.

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