We remain cautious on trading prospects in emerging markets (EM) and believe that it is too early to invest for a rebound in share prices. We re-iterate our Reduce rating on industry leader LafargeHolcim (TP CHF42 from CHF66), our India coverage (ACC, Ambuja and Ultratech), Indocement and Holcim in Indonesia (two of three Indonesian stocks under coverage). We prefer developed markets at present, particularly US-exposed global majors, with a small Buy list headed by Cemex (TP USD10.15) and HeidelbergCement (TP EUR81 from EUR91).