Berenberg cut target for Buzzi stock from EUR 50 to EUR 44

Published on 10/08/2026 at 12:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half EBITDA fell 8.20 percent to EUR 482.70 million. Buzzi stock costs EUR 36.48 on October 8, 2026 after EUR 37.10.

Isometrisches 3D-Diagramm der Zement-Wertschöpfungskette, Buzzi S.p.A., IT0001347308 — Isometrische 3D-Grafik zeigt die Wertschöpfungskette der Zementproduktion von Buzzi S.p.A., ISIN IT0001347308, Illustration mit AI erstellt.

Buzzi stock (ISIN IT0001347308) was at EUR 36.48 at Lang & Schwarz on October 8, 2026 at 12:30 p.m. CEST, down 1.67 percent versus the EUR 37.10 prior close. On September 8, 2026, Berenberg had cut its Buzzi target from EUR 50.00 to EUR 44.00 while keeping a Hold rating, as Milano Finanza reported. The lower target puts operating execution and cost control at the center of the investment case.

First-half EBITDA fell 8.20 percent

Buzzi's first-half 2026 revenue reached EUR 2,188.50 million, compared with EUR 2,187.40 million a year earlier. Consolidated EBITDA fell 8.20 percent year over year to EUR 482.70 million, while recurring EBITDA declined 9.70 percent to EUR 475.20 million, according to Capital.com in its September 25, 2026 analysis of the August 4, 2026 results.

Net profit fell 16.80 percent to EUR 324.50 million in the same period. Cement and clinker volumes rose 5.40 percent to 15.70 million tonnes, but ready-mix concrete volumes fell 4.20 percent to 4.60 million cubic meters, creating a mixed volume picture.

Guidance sets a demanding second half

Buzzi retained its fiscal 2026 recurring EBITDA guidance of EUR 1.10 billion to EUR 1.20 billion, according to Capital.com. The range requires a stronger second half than the first-half recurring EBITDA result of EUR 475.20 million.

The company generated stronger profitability in Brazil, while higher production costs and foreign-exchange effects pressured results elsewhere. Berenberg also cut its 2026 to 2028 EBITDA estimates by an average of 7.00 percent, making the EUR 44.00 target a direct test of whether volume growth can offset weaker margins.

Target remains above the market price

Capital.com reported an average 12-month target of EUR 51.30 from 16 analyst projections on September 16, 2026, with individual targets ranging from EUR 42.00 to EUR 56.00. Berenberg's EUR 44.00 target was 20.61 percent above the EUR 36.48 Lang & Schwarz price on October 8, 2026, but it remained below the reported analyst average.

Buzzi's primary listing is on Borsa Italiana, where the company produces cement, ready-mix concrete and aggregates. Its first-half figures therefore leave investors weighing stable revenue against lower profitability and a broker target that is below the wider analyst average.

Buzzi stock trades below its September level

Buzzi stock was trading at EUR 36.48 at Lang & Schwarz on October 8, 2026 at 12:30 p.m. CEST, minus 1.67 percent versus the EUR 37.10 prior close. The further course of trading is shown by the continuously updated real-time quote of Buzzi stock.