Cemex downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Adrian Huerta downgraded Cemex (CX) to Neutral from Overweight with a price target of $6, down from $7. The firm says the company reported a miss to its “already bearish expectations” for Q3. The analyst sees no significant fundamental catalysts for Cemex until at least mid-February, aside from a potential rally in the Mexican market, with the Q4 results also expected on the softer side and low visibility into next year’s results. The company’s free cash flow generation os not enough yet to offer a growing dividend plus reasonable buybacks, the analyst tells investors in a research note.