Fly News Breaks for May 6, 2019
May 6, 2019 | 05:56 EDT
JPMorgan analyst Rodolfo Angele downgraded Ternium to Neutral from Overweight and lowered his price target for the shares to $30 from $39. Weaker U.S. steel prices coupled with higher slab sales should continue to pressure Ternium's sales growth, Angele tell investors in a research note. Further, higher iron ore prices following the Brumadinho tragedy skews the company's cost pressures to the upside, potentially further deteriorating its margins, adds the analyst. As a result, he cut his 2019 EBITDA by 15% to $1.9B.
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