Citi upgrades Geberit to 'neutral' on improving business climate
** Citi upgrades Geberit GEBN.S to "neutral" from "sell", as most of the recent data in core market Europe point to a favourable momentum in indicators such as residential permits and construction confidence
** This turns the focus to the company's fundamentals that, in the broker's view, position the Swiss sanitary products maker near the top of its peer group
** It sees the stock, down nearly 2% YTD at 528 Swiss francs ($598.37), correctly pricing in the upside
** Geberit should continue to deliver cash flows and Citi expects it to pay out at least c.60% of its FCF on average over the next 3 years
($1 = 0.8824 Swiss francs)
Reporting by Paolo Laudani
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