CRH will provide an update on Q1 trading next Wednesday, April 26th. We expect few surprises with a solid start to the year despite the difficult comparison base in the US. The group will likely provide Q1 sales by division and a development update and guide to a H1 EBITDA result (we currently expect a flat result year-on-year). That forecast may prove conservative if, as we suspect, the US business has had a good start. The stock has traded lower year-to-date as the US-exposed names give up some of their ‘Trump’ gains. Nothing has fundamentally changed in our view, however, and we continue to regard recent weakness as a buying opportunity. We rate the stock ‘Outperform’ with a €37 price target.
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