Saint-Gobain share breaks below its 66.12 € support level and fails to recover it
The construction materials manufacturer is declining again following its rebound the previous day, in a CAC 40 that is retreating mid-session. The stock is once again among the worst performers and falls back below a threshold it had just reclaimed, while two brokerage houses have lowered their targets.
The 66.12 € support reclaimed the previous day breaks again during the session
The Saint-Gobain share is declining 2.09% to 65.74 € and ranks among the sharpest declines in the CAC 40, which is retreating 1.05%. The stock broke through its 66.12 € support level during the session, which was already tested on Tuesday, where it had ultimately reclaimed it after a two-year low. This time, it remains below it.
The decline of 13.25% over one month places the price at 13.64% below its 50-day moving average, while the RSI at 34 remains close to the oversold zone. The Eurostat construction confidence indicator stands at -17.2 in France in September, against -6.1 for the entire European Union, and residential building permits are down 9.5% year-over-year on a cumulative twelve-month basis.
UBS downgrades to sell with a target reduced to 65 €
UBS lowered its target from 70 € to 65 € on Tuesday, with a sell rating, a level slightly below the current price. Jefferies meanwhile reduced its own target from 137 € to 132.60 €, while maintaining its buy rating. The gap between the two targets illustrates the dispersion of analyst opinions on the stock. The price is trading below its three moving averages, with the 200-day moving average at 78.29 €, and the group has accumulated a decline of 27.82% over one year.
