JPMorgan upgraded Cementos Pacasmayo (CPAC) to Neutral from Underweight with a price target of $13, up from $7.50. The firm cites the change in control agreement with Holcim for the upgrade. Cementos Pacasmayo announced that Holcim signed an agreement to acquire Inversiones Aspi of the Hochschild Group, which controls 50.01% of Cementos Pacasmayo, the analyst tells investors in a research note. The firm says that once the change in control is approved, Holcim will need to do a tender offer within the following six months and the price offered is $13 per share.
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