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.
The firm told investors that it believes Cemex S.A.B. de C.V.’s 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. 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. 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).
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This article is originally published at Insider Monkey.
