JPMorgan analyst Rodolfo Angele upgraded Ternium to Overweight from Neutral with a price target of $25, up from $20. The company's negative earnings momentum has shifted as Q4 likely marked the bottom, Angele tells investors in a research note. Looking forward, Ternium should benefit from a combination of increased volumes and improved pricing environment in both Mexico and Brazil, says the analyst. In addition, he notes, the company is in its final year of expansion capex. Angele believes the stock "continues to be cheap" both versus peers and versus historical trading multiples.