Citigroup downgrades Cemex shares

Citigroup downgrades Cemex shares
Published: 27 July 2011

Citigroup has downgraded Cemex’s shares to hold from buy, according to reports.

In the face of worse than expected Q2 results and a slower than expected recovery in the US, Citigroup analysts downgraded their recommendation and set a US$9.50 target price on the stock.

Other reasons for the downgrade include tight margins in Mexico and Asia and corporate expenses.
Citigroup also cut the company’s projected Ebitda for 2011 by 11% to US$2,37bn.