UBS remains bullish on the stock but has lowered its target price to 225 Swiss francs (from 285 Swiss francs). This target still gives the stock 31% upside potential.

Accelerating volumes will be key to attracting investors back to the stock, with exposure to infrastructure and the US being the main drivers through 2026, UBS notes in its latest research report.

Sika remains confident and expects a slight increase in sales for the full year. The group is targeting an EBITDA margin of between 19.5% and 19.8% and confirms its growth targets for 2028.