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Cementos Mexicanos, S.A. de C.V. (CEMEX)
(NYSE: CX)
|
8:00 PM UTC, 04/15/25 | |||
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| Last: $5.23 | Change: -0.10 | %Change: -1.88% | Volume: 14,764,496 | |
Cemex Offers 'Deep Value' Amid Macro Uncertainties in Mexico, Morgan Stanley Says
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Last updated: 06/14/2024 12:00:17 PM
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Last updated: 06/14/2024 12:00:17 PM
12:00 PM EDT, 06/14/2024 (MT Newswires) -- Cemex (CX) offers "deep value" backed by "good fundamentals and compelling risk-rewards" against the backdrop of macro uncertainties in Mexico following general elections, Morgan Stanley said Friday in a report.
Morgan Stanley lowered the target price for the company's stock to $10 from $12 to reflect new foreign exchange estimates associated with higher policy risks. The overweight rating was maintained. Mexico represents 40% of Cemex's EBITDA, the report said.
Manufacturing and public construction spending are expected to support cement demand in the US, while infrastructure and residential construction will spur use in Mexico, Morgan Stanley said.
Potential opportunities in mergers and acquisitions loom, particularly in the highly fragmented US aggregates sector, the report said.
Cemex shares fell 2.3% in recent Friday trading.
Price: 6.48, Change: -0.15, Percent Change: -2.26
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