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Fly News Breaks for December 16, 2019
SID
Dec 16, 2019 | 06:54 EDT
Citi analyst Alexander Hacking downgraded CSN to Sell from Neutral with a price target of R$13, down from R$14. The analyst cites Citi's bearish view on iron ore for the downgrade. The stock is up over 50% year-to-date based on higher iron ore prices and expectations of de-leveraging, Hacking tells investors in a research note. However, CSN's absolute debt levels are largely unchanged, says the analyst, who's concerned about its leverage as iron ore prices fall, or if Brazil economic growth stalls.
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