- Cemex (CX +11.8%) is soaring despite getting separate downgrades at Credit Suisse and J.P. Morgan, where analysts say the Mexican cement maker is set to see EBITDA decline ~30% in 2020.
- Credit Suisse cuts its rating to Neutral from Outperform and price target to $2.10 from $6.70, seeing "a far more challenging outlook in terms of [free cash flow] generation as a result of production shutdowns, uncertain timing for construction activity to restart, and low demand due to the impact on the economy and personal disposable income as a result of the Covid-19 crisis."
- J.P. Morgan downgrades Cemex to Neutral from Overweight, saying it could take "at least until October to start to see positive signals that could make us more comfortable with this year's expectations and the expected recovery," and investors likely find many other opportunities that could offer an attractive return with greater visibility.