Goldman Sachs analyst Marcio Farid downgraded CSN to Sell from Neutral with a R$12.50 price target. The analyst believes the company’s earnings and free cash flow generation will peak in Q2 and be followed by headwinds going forward due to a combination of rising capex, declining earnings and elevated leverage in a high interest rate environment. The firm would become more constructive if CSN’s earnings normalize and support free cash flow generation and lower leverage.
Published first on TheFly
