Goldman Sachs upgraded Gerdau to Buy from Neutral with a price target of R$26, up from R$25. The analyst says investor sentiment is at the lows while earnings revisions are likely done. The negative revision cycle is likely to be reversed given investors’ elevated bearishness around Gerdau and the steel cycle, the analyst tells investors in a research note. The firm thinks Gerdau’s current valuation levels are appealing, and would recommend investors to buy ahead of an eventual upward revision cycle.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on GGB:
