Jefferies Maintains a 'Buy' on CEMEX (CX); Cash Improvement and Refi Helps Ease Balance Sheet Concerns

August 29, 2012 7:42 AM EDT
Get Alerts CX Hot Sheet
Price: $8.84 +6.51%

Rating Summary:
    11 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies maintains a 'Buy' on CEMEX (NYSE: CX) price target of $9.70 (from $9.00).

Analyst, Mike Betts, said, "Cemex remains highly levered, with a debt to EBITDA ratio of 6.15 times at the end of June 2012. Concerns on its financing are though beginning to ease, with the refinancing increasing the covenants and profitability beginning to improve. We are therefore retaining our Buy rating on the shares."

Raises FY12 EPS loss from (0.44) to (0.43) and FY13 from (0.22) to (0.20)

For an analyst ratings summary and ratings history on CEMEX click here. For more ratings news on CEMEX click here.

Shares of CEMEX closed at $7.87 yesterday.

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