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Gerdau downgraded to Neutral from Buy at Goldman Sachs
The Fly

Gerdau downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Marcio Farid downgraded Gerdau to Neutral from Buy with a price target of R$31, down from R$38. The stock has risen 8% since being added to the Buy list, outperforming the average LatAm steel peer by 35%, and LatAm materials sector by 16%, the analyst tells investors in a research note. The firm further warns that the combination of weakening profitability on its core markets – U.S. and Brazil – coupled with rising capex will limit the company’s ability to return cash to shareholders.

Published first on TheFly

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