Citi Upgrades CEMEX (CX) to Buy

Citi upgraded CEMEX (NYSE: CX) from Neutral to Buy with a price target of $10.00 (from $9.20).

Analyst Dan McGoey is bullish for four reasons:

1. the sharp correction in the equity has offered a more compelling valuation,
2. expectations on the Street "have eased",
3. is incrementally more positive on the company's major markets in Mexico, Europe and the US following management meetings, and
4. diminished concerns for the ocmpany's troubled markets in Egypt, Philippines and Colombia.

For an analyst ratings summary and ratings history on CEMEX click here. For more ratings news on CEMEX click here.

Shares of CEMEX closed at $7.48 yesterday.

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