Cemex downgraded to Neutral from Buy at BofA

BofA downgraded Cemex to Neutral from Buy with an unchanged price target of $9. The downgrade follows the disappointing” Consumer Price Index print in the U.S. and the adverse implications for construction activity amid higher rates and the potential economic and political volatility following the upcoming June 2 election in Mexico, the analyst tells investors in a research note. The firm says the next administration in Mexico faces three immediate challenges: a high fiscal deficit, high interest rates, and a strong currency. Bofa also expects investor retrenchment from cyclical names as the tailwinds from an easing cycle gets pushed forward to 2025.