Cemex upgraded to Sector Perform from Underperform at RBC Capital

RBC Capital upgraded Cemex to Sector Perform from Underperform with a price target of $6.50, down from $9. The firm cites the period of share price underperformance for the upgrade. Cemex looks more attractive from a risk/reward standpoint compared to RBC’s May initiation, following credit rating upgrades and asset divestments, the analyst tells investors in a research note. However, the outcome of the U.S. election continues to weigh on the price of the shares, adds RBC. The firm says a Republican victory could lead to a reduction in investment into Mexico.