Cemex price target lowered to $10 from $10.40 at Scotiabank

Scotiabank analyst Francisco Suarez lowered the firm’s price target on Cemex to $10 from $10.40 and keeps an Outperform rating on the shares. The analyst thinks the slight decrease to EBITDA growth following the release of Cemex’s guidance for 2024 does not justify the 13% decrease to the stock price since the close of February 6. The firm thinks the market might be overlooking a free cash flow conversion before strategic capex that it estimates at 37% for 2024.