JPMorgan has downgraded Amrize Ltd’s stock rating to Neutral from Overweight, citing ongoing management turnover as a key concern. The brokerage also lowered its price target to $52 from $57, implying a December 2027 valuation of 8.6 times estimated EV/EBITDA.
The move follows the resignation of Chief Financial Officer Baris Oran, whose departure marks the second CFO change at Amrize in 2026. Samuel J. Poletti is set to assume the CFO role effective August 24. JPMorgan’s decision also reflects the recent appointment of a new Chief Accounting Officer and a second head of investor relations change within roughly 10 months.
Amrize’s shares were trading near a 52-week low of $42.72, down nearly 20% year-to-date. The stock currently trades at 8.2 times projected 2027 EV/EBITDA, according to the brokerage’s estimates.
JPMorgan maintained its EBITDA growth forecasts for the company, projecting a 5% year-over-year increase in 2026 and a 10% rise in 2027. The firm’s outlook contrasts with Amrize’s recent financial performance, which included mixed second-quarter results. Revenue reached $2.83 billion, exceeding expectations of $2.67 billion and rising 8.6% year-over-year, driven by 6.7% organic growth and strong demand in mega-project markets.
Adjusted earnings per share, however, missed estimates, posting $0.713 per share compared with the $0.758 forecast. The company has now missed quarterly results in four of the five quarters since its initial public offering.
RBC Capital and DA Davidson also adjusted their coverage of Amrize. RBC downgraded the stock to Underperform from Sector Perform with a price target of $48, down from $60, while DA Davidson initiated coverage with a Neutral rating and a $50 price target.
