Cemex resumed with a Buy at Citi

Citi resumed coverage of Cemex with a Buy rating and $8.20 price target. While 30-year mortgage rates have jumped to 8%, Citi’s view is that housing weakness may have already reached bottom and low housing inventory in the U.S. may drive additional orders, and high manufacturing investment and infrastructure spending should combine for a positive year, the analyst tells investors in a research note. The firm says that despite limited visibility for 2024, the outlook appears positive for the Mexico building products sector.