Bitcoin price today: retreats to $104k despite Strategy buying, shutdown progress
Investing.com - UBS downgraded Ibstock Plc (LON:IBST) from Buy to Neutral on Thursday, slashing its price target to GBP1.40 from GBP2.10 amid concerns about the UK construction market.
The downgrade follows a recent profit warning from the brick manufacturer, with UBS citing "limited end market support into 2026" as new build planning changes are taking longer than expected to materialize amid subdued UK macroeconomic conditions.
UBS forecasts EBITDA of £80 million for Ibstock, below the consensus estimate of £87 million, indicating continued downside risk to market expectations.
The investment bank notes that Ibstock’s volumes are projected to be more than 30% lower in 2025 compared to 2019 levels, reflecting significant weakness in the construction materials sector.
Despite near-term challenges, UBS maintains that Ibstock’s medium-term investment case remains intact, projecting EBITDA to recover from £70 million in 2025 to approximately £140 million by 2030, with volumes expected to recover to just 12% below 2019 levels.
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