Scotiabank downgrades Cemex on lack of catalysts after rally

Scotiabank downgraded Cemex (CX) to Sector Perform from Outperform with a price target of $11.10, up from $10.90. The firm believes the shares are due for a “pause” following the year-to-date rally. Scotiabank does not see short-term catalysts for the stock to sustain the recent momentum. In the absence of major short-term catalysts, investors should wait for either a price correction or “get ready for the next spring’s construction cycle,” the analyst tells investors in a research note.