BofA downgraded Gerdau to Neutral from Buy with a price target of $5.10, down from $5.60. The analyst cites switching steel preferences in the downgrade and is taking a more conservative view on Gerdau as the firm prefers iron ore over steel in the short-term. Gerdau is the Latin American steelmaker least exposed to iron ore and doesn’t benefit from rising U.S. hot rolled coil prices, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on GGB:
