Cemex price target lowered to $7 from $9 at Loop Capital

Loop Capital analyst Garik Shmois lowered the firm’s price target on Cemex to $7 from $9 and keeps a Hold rating on the shares. The company reported a healthy Q3 earning beat which was driven by strong double-digit volume and pricing growth in Mexico across product categories, but while the strong results were encouraging, the firm remains Hold-rated as higher rates weigh on the multiple as well as the uncertain recovery in the U.S., given the pullback effect of interest rates on private nonresidential construction, the analyst tells investors in a research note.