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Fly News Breaks for August 16, 2018
CX
Aug 16, 2018 | 08:42 EDT
As previously reported, HSBC downgraded Cemex to Hold from Buy and lowered its price target to $7.70 from $9. Analyst Eduardo Altamirano said Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. Altamirano now sees near-term free cash flow equal for both equity and debt holders, limiting upside for equity holders.
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