Cemex S.A.B. de C.V. (CX) Gets Downgraded to Sector Perform from Outperform by Scotiabank

Cemex S.A.B. de C.V. (NYSE:CX) is one of the best affordable stocks to buy under $20. Cemex S.A.B. de C.V. (NYSE:CX) was downgraded to Sector Perform from Outperform by Scotiabank on October 20. The firm, however, lifted the price target to $11.10 from $10.90.

Why CEMEX, S.A.B. de C.V. (CX) Went Up On Friday

The firm told investors that it believes Cemex S.A.B. de C.V.’s (NYSE:CX) shares are due for a “pause” after the year-to-date rally, and that it does not see any short-term catalysts that can support the company in sustaining the recent momentum.

Therefore, Scotiabank reasoned that since major short-term catalysts for Cemex S.A.B. de C.V. (NYSE:CX) are not available, investors should either “get ready for the next spring’s construction cycle” or wait for a price correction.

Cemex S.A.B. de C.V. (NYSE:CX) is a global construction materials company that offers ready-mix concrete, cement, aggregates, and urbanization solutions. Its operations are divided into the following geographical segments: Mexico, United States, Europe, Middle East, Africa and Asia (EMEAA) and South, Central America and the Caribbean (SCA&C).

While we acknowledge the potential of CX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CX and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.