Cemex price target lowered to $8.20 from $8.90 at Scotiabank

Scotiabank analyst Francisco Suarez lowered the firm’s price target on Cemex (CX) to $8.20 from $8.90 and keeps an Outperform rating on the shares. The firm believes the shares currently trade at half of its fair value, the analyst tells investors. The firm updated its model and made more conservative assumptions, with some appearing unrealistic given the company has materially improved its risk profile.