Berenberg Starts CEMEX (CX) at Hold
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Berenberg initiates coverage on CEMEX (NYSE: CX) with a Hold rating and a price target of $8.30.
Analyst Robert Muir commented, "We initiate coverage of CEMEX with a Hold rating and a price target of USD8.30 per American Depositary Share. CEMEX is a global building materials supplier and cement producer listed in the US and Mexico. Although it remains a consensual Buy among the sell-side, the stock has performed strongly in recent months and we struggle to see more value in the name at these levels. The shares have risen by 31% in the last three months and by 50% from post-Brexit lows. We recommend waiting for a better entry point."
Shares of CEMEX closed at $8.28 yesterday.
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