Goldman Sachs downgraded Holcim AG to Neutral from Buy, citing a recent share price rally that has left valuation looking full. Analyst Ben Rada Martin set a new 12-month price target of 80 Swiss francs, implying zero upside from current levels. The stock fell on the news.

Since being added to Goldman's Buy List in early September, Holcim shares are up around 23%, materially outperforming broader European benchmarks. The bank remains confident in Holcim’s strategic positioning, including its leadership in European decarbonisation and cost discipline. However, recent multiple expansion has shifted the risk-reward profile.

Martin noted moderating AMEA earnings growth after the Nigeria disposal and execution risks around Latin American M&A integration. Holcim now trades in the top quartile of Western European heavyside peers on forward earnings, carrying a premium to the Swiss market well above its long-term average.