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CX

Cemex

$3.71

0.045 (1.23%)

, EXP

Eagle Materials

$91.13

0.45 (0.50%)

06:04
11/26/19
11/26
06:04
11/26/19
06:04

Cemex affiliate to sell certain assets to Eagle Materials for $665M

CEMEX announced that its U.S. affiliate, Kosmos Cement Company, a partnership with a subsidiary of BUZZI UNICEM, in which CEMEX holds a 75% interest, has signed a definitive agreement for the sale of certain assets to Eagle Materials (EXP) for approximately $665M. The proceeds to CEMEX from this transaction will be approximately $499M. The assets being divested consist of Kosmos' cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. EBITDA for the last 12 months as of September 2019 for the divested assets is estimated to be $55M. The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes. The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. The divestiture is expected to close during the Q1 of FY20 or soon thereafter. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as financial advisors in this transaction.

CX

Cemex

$3.71

0.045 (1.23%)

EXP

Eagle Materials

$91.13

0.45 (0.50%)

CX Cemex
$3.71

0.045 (1.23%)

08/06/19
HSBC
08/06/19
UPGRADE
HSBC
Buy
Cemex upgraded to Buy from Hold at HSBC
08/12/19
BBVA
08/12/19
DOWNGRADE
Target $3.6
BBVA
Market Perform
Cemex downgraded to Market Perform from Outperform at BBVA
BBVA analyst Francisco Martinez downgraded Cemex to Market Perform from Outperform and lowered his price target for the shares to $3.60 from $7.30.
08/12/19
08/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. NetEase (NTES) downgraded to Neutral from Buy at Goldman Sachs with analyst Bill Liu citing the company's Q2 revenues miss, mainly on soft online games growth. 2. Occidental Petroleum (OXY) downgraded to In Line from Outperform at Evercore ISI with analyst Doug Terreson saying the company's "pledge" for greater capital discipline and enhanced corporate governance "proved fleeting" with the significant decline in return on capital employed due to the Anadarko acquisition. 3. Adesto Technologies (IOTS) downgraded to Market Perform from Outperform at Northland with analyst Gus Richard saying the company has $34M of high interest debt and needs $10M to pay an earnout by year end, but he thinks the company is holding off on an offering until it reports a "strong" third quarter that will be boosted by an airpod win at Apple (AAPL). 4. Bluebird Bio (BLUE) downgraded to Market Perform from Outperform at William Blair with analyst Raju Prasad saying he's taking a conservative view on the company's transition from a development-stage company to a commercial-stage company. 5. Cemex (CX) downgraded to Market Perform from Outperform at BBVA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/11/19
HSBC
09/11/19
DOWNGRADE
HSBC
Hold
Cemex downgraded to Hold from Buy at HSBC
EXP Eagle Materials
$91.13

0.45 (0.50%)

09/20/19
NRCS
09/20/19
UPGRADE
NRCS
Neutral
Eagle Materials upgraded to Neutral from Sell at Northcoast
10/09/19
EXAN
10/09/19
INITIATION
Target $112
EXAN
Outperform
Eagle Materials initiated with an Outperform rating at Exane BNP Paribas
Exane BNP Paribas initiated Eagle Materials with an Outperform and $112 price target.
11/04/19
DADA
11/04/19
NO CHANGE
Target $94
DADA
Neutral
Eagle Materials price target raised to $94 from $85 at DA Davidson
DA Davidson analyst Brent Thielman raised his price target on Eagle Materials to $94 after its Q2 earnings beat, also raising his FY20 EBITDA forecast to $430M from $414M to reflect improved Cement volume and significant share repurchases year-to-date. The analyst still keeps his Neutral rating on Eagle Materials however, noting that the current multiples for its business in his sum-of-the-parts model suggests "insufficient upside" for the stock.
11/13/19
JEFF
11/13/19
NO CHANGE
JEFF
Continental Building buyout modest negative for Eagle Materials, says Jefferies
Jefferies analyst Philip Ng views Continental Building Products (CBPX) takeover by Saint-Gobain (CODYY) as a "very good outcome" for Continental shareholders. The analyst also views the deal as a modest negative for Eagle Materials (EXP), noting that its "two most logical acquirers" are now "out of the picture." However, the "outsized" valuation Continental Building extracted likely props up the value of Eagle Materials' wallboard assets in the public markets, Ng tells investors in a research note.

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$233.70

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14:49
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  • 11

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$49.59

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EVH

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$8.12

-0.87 (-9.68%)

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HZNP

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