'Too hot to handle', Hochtief slides after Jefferies cut

** Shares in Hochtief HOT are down around 4% after Jefferies cuts the German construction group to "hold" from "buy" on valuation

** "Too hot to handle," the broker says noting a 27% rise in Hochtief's shares YTD, driven by higher U.S. construction activity and positive sentiment around increased infrastructure spending in Europe

** However, Jefferies says that Hochtief has only about 3% exposure to Germany, while around 50% of its earnings are exposed to the U.S. market, so optimism around European growth may be overdone

** The brokerage says that more European-focused peers like Balfour Beatty BBY or Eiffage FGR offer more attractive cash yield at lower P/E ratios

** Out of 11 analysts that cover Hochtief, ​one rates the stock "buy," ​​nine rate it "hold" and one rates the stock "sell"