Scotiabank last night upgraded Cemex (CX) to Outperform from Sector Perform with a price target of $13.90, up from $13.50. The share selloff since the Iran conflict started is an overreaction, the analyst tells investors in a research note. Scotiabank sees a limited negative economic impact to Cemex in 2026. It also sees the possibility of improved energy security, which is believes is a key for energy-intensive industries such as cement. Scotiabank upgraded Cemex following the 17% share correction.
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