Ternium upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Ternium to Overweight from Equal Weight with a price target of $52, up from $34. The analyst sees "strong year-ahead performance" for Ternium based on past trading after a bottom in profitability, which it pegs to Q4 of 2022. The company’s capital allocation visibility has improved, its strong balance sheet supports the dividend, and it should benefit from Mexico nearshoring driving steel demand, the analyst tells investors in a research note.