2331 GMT - Brickworks' shares look to be pretty much tied to those of its merger partner and are no longer a recommended buy at UBS. Analysts Nathan Reilly and Will Wilson lower their recommendation on the stock to neutral from buy, observing that its price has risen 24% since Brickworks announced it will merge with major shareholder Washington H. Soul Pattinson. They write in a note to clients that conditions in North American building markets still look tough and that, with the merger on the horizon, valuation drivers including Brickworks' property assets are decreasing in relevance. UBS raises its target price 18% to A$34.25. Shares are at A$33.46 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
July 13, 2025 19:31 ET (23:31 GMT)
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