RBC announced on Tuesday that it had initiated coverage of Holcim shares with a 'performance in line with sector' rating and a price target of 91 Swiss francs.

In a research note, the Canadian broker expressed doubts about the building materials group's plan to spin off its North American activities and list them on the New York Stock Exchange.

Holcim believes it can create shareholder value by spinning off its North American assets, according to the 'less is more' or '2 - 2 = 5' rule," writes the broker.

They are not the first, nor the last, to want to shine in the United States", it adds in the study.

While it recognizes that the proposed separation makes sense, RBC points out that the plan has so far left investors cold, perhaps in the absence of more precise details concerning the operation.

In the meantime, the professional says he expects the Swiss cement maker's share price to move in line with its sector.

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