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Fly News Breaks for February 15, 2018
CX
Feb 15, 2018 | 05:34 EDT
UBS analyst Mauricio Serna double downgraded Cemex to Sell from Buy and cut his price target for the shares to $6.50 from $10.20. The analyst expects the share selloff to continue given the company's "struggling" international operations and "still high" debt. Seeking approval for 25% equity capital issuance for potential acquisitions adds uncertainty when Cemex is losing market share and has eroding margins, Serna tells investors in a research note. He reduced his estimates for the company "significantly."
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