UPDATE: Jefferies Raises PT to $9.70 on Cemex on Profitability Improvement

Jefferies reiterated its Buy rating on Cemex

and increased its price target from $9 to $9.70 a share. Jefferies commented, "Cemex remains highly levered, with a debt to EBITDA ratio of 6.15 times at the end of June 2012. Concerns on its financing are though beginning to ease, with the refinancing increasing the covenants and profitability beginning to improve. We are therefore retaining our Buy rating on the shares. Cemex closed at $7.87 on Tuesday.