CEMEX (CX) – Bear of the Day
Source: http://www.zacks.com/commentary/11679/CEMEX+%28CX%29+-+Bear+of+the+DayPosted on Friday, July 31st, 2009 | In Market Commentary, Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
We are keeping our Sell rating on CEMEX, S.A. de C.V. (CX). The company posted weak results in the second quarter of 2009 with more than 50% decrease in net income year over year.
The continued weak cement volumes in Spain and the U.S. are problematic. The short-term outlook for the company remains highly uncertain based on the prolonged downturns in the residential sector and tight credit conditions coupled with fall in the real
estate prices throughout the world.
Moreover, the continuous increase in net debt is extremely concerning. Our six-month target is $8 per share.Zacks Investment Research
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