Gerdau upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Gerdau to Overweight from Neutral with a price target of $6, up from $5. After a very challenging 2023, 2024 will be an inflection point for the company, the analyst tells investors in a research note. The firm says that in Gerdau’s Brazil business unit, Q1 should mark the bottom in terms of profitability. Meanwhile, North America should remain as the most profitable and largest business of Gerdau as demand and prices in the region remain robust, says JPMorgan. It finds the stock’s valuation as attractive.