Cemex upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Cemex (CX) to Overweight from Neutral with a price target of $10.50, up from $8.10, which implies 18% upside potential. The company’s new CEO is brining long awaited transformational change while the shares are trading at the low-end of their historical valuation range, the analyst tells investors in a research note. The firm says that with with improved outlooks for Cemex’s two largest markets, Mexico and the U.S., the stock’s re-rating higher should continue.