Outlook for Titan difficult due to weak key operations

Piraeus Securities has cut its price target on shares in Titan, the country’s largest cement producer, citing further deterioration of its core markets, Greece and the USA. In a note dated Wednesday, the brokerage cut its price target on Titan to 19.60 euros from 23.70 euros. It kept its neutral rating on the stock. Piraeus Securities said new investments boosting its capacity in Albania and Egypt will “only partly offset the negative picture of Greek operations.” Earlier this month, Titan posted a 41 percent drop in 2009 profits to 123.4 million euros. Its shares ended at 18.73 euros on the Athens bourse on Wednesday, up 2.41 percent.

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