Ternium upgraded to Buy from Neutral at BofA
The Fly

Ternium upgraded to Buy from Neutral at BofA

BofA analyst Caio Ribeiro upgraded Ternium to Buy from Neutral with an unchanged price target of $47. The analyst cites switching steel preferences in the upgrade, arguing that earnings momentum should improve with the ongoing U.S. hot rolled coil rally extending above $1,000/st. The firm’s new $3.5B EBITDA estimate for Ternium for 2024 is now 38% above consensus, the analyst noted.

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