BofA analyst Caio Ribeiro downgraded Ternium to Neutral from Buy with a price target of $47, down from $56. Ternium has jumped 38% year-to-date, boosted by spiking U.S. flat steel prices, notes the firm. While the valuation remains “fairly attractive,” BofA expects flat steel prices in the U.S. to continue to drop from its peaks over the next months amid falling lead times, macro concerns, and a waning of supply-side support factors, the firm tells investors.
Published first on TheFly
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