Amrize AG

AMRZ · NYSE

$38.83+$0.84 (+2.21%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $37.99

AMRZ analyst rating

HoldConsensus of 14 analysts over the last 12 months. 36% rate it a buy.

Strong buy0
Buy5
Hold7
Underperform2
Sell0

12-month price target · 23 analysts

Average $53.50 (+37.8% upside)

Low: $40.40
Now: $38.83
High: $68.25

Upgrades and downgrades

The latest rating actions, newest first

AMRZ analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 19, 2026	Maintains	Equal-Weight	$55.00 → $40.00	39%
JP Morgan	Oct 13, 2026	Maintains	Neutral	$52.00 → $48.00	46%
Longbow Research	Oct 12, 2026	Initiates	Buy	—	58%
RBC Capital	Oct 9, 2026	Maintains	Underperform	$48.00 → $32.00	29%
Wells Fargo	Oct 5, 2026	Maintains	Equal-Weight	$44.00 → $40.00	55%
Truist Securities	Oct 5, 2026	Maintains	Hold	$48.00 → $35.00	53%
Citigroup	Oct 2, 2026	Maintains	Buy	$58.00 → $50.00	54%
Barclays	Oct 1, 2026	Initiates	Equal-Weight	$55.00	39%
Deutsche Bank	Sep 23, 2026	Maintains	Buy	$64.00 → $56.00	0%
UBS	Sep 22, 2026	Maintains	Neutral	$57.00 → $42.00	0%

The case for and against

Updated Oct 21, 2026

Bull case

Amrize is well positioned to outperform as North American construction activity strengthens, with Q2 cement volumes up 5.0% and aggregates up 6.5%, first-half growth of 9.4% and 9.0%, and revenue of $3,494 million versus $3,362 million consensus. Its post-spin investments and self-help initiatives should support margin expansion, including 100K tons of added capacity at Midlothian, a fully operational Indiana shingle plant entering 2027, and ASPIRE’s path toward $250 million of synergies through 2028. The company also benefits from a large footprint in mega-projects and data center demand, a mix-accretive roofing platform with EBITDA margins rising from 15% to 23% since 2021, and capital deployment that includes over $650M of repurchases already exercised through 9/11/26.

Bear case

Amrize is facing a fundamentally weaker earnings setup because volume growth has not translated into margin expansion: Q2 revenue rose 8.6% year over year to $3,494 million, yet EBITDA of $986 million missed consensus and margin fell to 28.2% as inflation in freight, diesel, and raw materials outpaced price recovery. Elevated interest rates, resurgent inflation, and tariff/trade policy pressure construction demand, while management’s own guidance implies a persistent $60 million to $90 million annual cost gap that must be bridged by pricing alone, leaving the company exposed if demand softens. Its negative outlook is further reinforced by M&A risk, as growth increasingly relies on deal-making even as the business shows weak operational leverage and has already cut FY guidance after missing Q2 consensus.

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