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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