Macquarie has downgraded Boral (ASX:BLD) to Underperform to Neutral following its earnings Although the company's debt reduction was encouraging, earnings were...

Macquarie has downgraded Boral (ASX:BLD) to Underperform to Neutral following its earnings Although the company's debt reduction was encouraging, earnings were mixed across divisions and the outlook commentary was guarded. According to the latest note, Management is trying to turn things around and look through the cycle, but conditions in Australia remain weak and a return to profitability in the US remains elusive. The target price has been reduced from $4.14 to $4.08 (current price $4.37). The stock is also trading at a price-to-earnings ratio of 33.62 (based on the last close).