Cemex downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Cemex (CX) to Equal Weight from Overweight with a price target of $13, down from $14. The firm cites the uncertain macro backdrop and growing evidence of capex deceleration in Mexico for the downgrade. Cemex shares “might remain capped” by trade and cyclical risks, the analyst tells investors in a research note. As such, Morgan Stanley awaits more visibility and a better risk/reward profile.