Cemex: CEMEX, Quarterly Report 1Q21: Profitability surprises and rises guide 2021

  • CEMEX's results exceeded expectations, as higher volumes and lower expenses led to a solid profitability increase

  • The above, together with a more favorable outlook, led to raising EBITDA guidance for 2021 to >US$2.9 billion

  • We raise PT to MXN 19.50, and reiterate the stock as one of our top picks due to higher expected growth and valuation
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