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Fly News Breaks for January 27, 2020
TX
Jan 27, 2020 | 06:17 EDT
UBS analyst Andreas Bokkenheuser downgraded Ternium to Sell from Neutral with an $18 price target. The analyst notes that some of the 30% rally in its stock price since October should reverse in the spring, when the scarcity in scrap supply that supported North American steel/scrap prices is relieved. Bokkenheuser adds that over 20% of the steel price rally was not driven by improving fundamentals, which he believes are weakening from current levels amid flattish demand growth and "rapidly rising" capacity additions.
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