With a P/E that is still over 21, even though it may rally from its present low, it looks inevitable that CRH
, like American shares in general, will continue to fall for a considerable time. A substantial rise in earnings
is necessary to maintain current price levels. European shares trade at a P/E of around 14 and American shares must correct to similar levels. I am neutral for the moment, as there may be an upswing from the current level before continuing the downtrend.