The shares of Swiss building materials group Amrize extended declines on Wednesday after JPMorgan and Bank of America downgraded the stock, citing weaker-than-expected second-quarter results and persistent cost pressures.
Amrize’s shares fell 2.7% to 34.19 Swiss francs, the lowest level since its June 2025 initial public offering at 46.00 francs. The stock reached a record high of 51.34 francs in February before reversing course. Bank of America lowered its rating to Underperform from Neutral and cut its price target to 32 francs from 40 francs. JPMorgan’s analyst Elodie Rall downgraded the stock to Neutral from Overweight and reduced her target to 42 francs from 46.30 francs.
The downgrades follow Amrize’s second-quarter report, which showed stronger-than-expected revenue growth but weaker-than-expected adjusted EBITDA and margins due to rising costs. While management raised its 2026 revenue guidance, it trimmed its profit outlook, signaling continued cost pressures ahead. The stock dropped 8.8% on the day of the results.
The average analyst price target stands at 46.09 francs, equivalent to the IPO price and implying a potential 35% upside. Of 25 tracked analysts, 14 rate the stock Buy, 10 Hold, and one Sell.
