UPDATE: Jefferies Lowers PT on Cemex Following Reduced Estimates

In a report published Wednesday, Jefferies analyst Mike Betts reiterated a Buy rating on Cemex CX, but lowered the price target from $12.60 to $12.30.

In the report, Jefferies noted, “We are reducing our 2013 EBITDA estimate by 9%, from $3.019m to $2,750m, as although Cemex's profitability is recovering in the US, elsewhere growth appears to have been disappointing. The lower cash generation reduces our mid-cycle based price target from $12.6 to $12.3 per ADR. As the latter is 17% above the current share price we are retaining our Buy rating on the shares.”

Cemex closed on Tuesday at $10.49.