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Cemex will not run out of steam anytime soon, according to JPMorgan. The bank upgraded the Mexican building materials stock to overweight from neutral on Tuesday, and raised its price target to $10.50 per share from $8.10. The firm’s forecast implies about 18% upside from Monday’s close. Analyst Adrian Huerta pointed to the company’s cost-reduction efforts for his bullish stance. Shares have already surged more than 57% this year. CX YTD mountain Cemex stock in 2025. “We are witnessing significant and long-awaited transformational changes within the company. While such changes typically take longer to materialize, [CEO Jaime Muguiro’s] urgency in executing these initiatives suggests a faster pace of implementation,” Huerta said. “The cost-saving plans are ambitious, yet we anticipate potential surprises with even larger savings, given the company’s historically large expense structure,” the analyst added. The analyst also said Cemex is trading at a low valuation relative to its long-term average, which could present an opportunity for investors. Shares trade at 5.9 times enterprise value to EBITDA, below a 10-year range of 6-10. “Given an improved outlook for the US and Mexico, its key markets, and with FCF conversion rates improving, we see no reason why the company should not trade above the low end of its historical range,” the analyst said. Most analysts covering the stock are bullish. Cemex has buy or strong buy ratings from 10 of 16 analysts, LSEG data shows.
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