shares of Cemex SAB de CV CX rose Thursday after the company reported Growth in sales and profit in the first quarter.

The company’s first-quarter results indicate a better-than-expected pricing environment, according to Goldman Sachs.

The Cemex Analyst: Bruno Amorim upgraded the rating on Cemex to Buy and raised the price target to $9.

The Cemex thesis: The company reported first-quarter operating EBITDA of $733 million, beating consensus expectations, largely due to “greater than expected price traction,” Amorim said in the upgrade note.

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“We note that such price increases have been associated with easing inflationary pressures on costs, which we believe underscores that the company and the industry are likely to remain focused on improving EBITDA margins and not necessarily volumes in a troubled.” macro environment will be maintained,” the analyst wrote.

While there is a risk of a further slowdown in the global macro environment, Cemex could deliver at least 18% EBITDA growth in 2023 with EBITDA margins of 18.5%, he added.

CX Price Action: Shares of Cemex are up 2.22% at $6.45 at the time of publication on Thursday.

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