Jefferies Lowers PT on Cemex to $11

Jefferies is out with its report today on Cemex CX, lowering its PT from $12 to $11. In a note to clients, Jefferies writes, "We are reducing our EBITDA estimates by 3% for this year and by 6% for 2012 and lowering our price target from $12 to $11. As the latter is 27% above the current share price, we are retaining our Buy rating on the shares. In our view, US demand will need to begin to recover for the share price to significantly outperform in our view, but March's convertible issue has reduced concerns over the debt covenants, at least for 2011." At the time of posting, shares of CX were trading pre-market at $8.26, down 1.78% from Tuesday's close.