Scotiabank analyst Alfonso Salazar downgraded Gerdau (GGB) to Sector Perform from Outperform with a price target of R$31, down from R$40. The analyst sees the risk of a new wave of steel imports in South America pressing volumes and prices. Against this backdrop, the firm prefers exposure to North America over South America countries. Ternium (TX) remains its top pick given its higher exposure to flats in North America.
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