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CIBC Ups Gerdau Ameristeel

CIBC World raised Gerdau Ameristeel (GNA) to sector perform from sector underperform.

Analyst John Novak said some of the Katrina rebuilding froth has come out of stock, and he finds the shares to be appropriately valued in the current market. He has a $5.80 price target, based on 3.5 times 2006 earnings before interest taxes depreciation and amortization, and 7.3 times 2006 earnings per share. Novak says the valuation on Gerdau Ameristeel's stock represents a discount to its peers Nucor (NUE) and Commercial Metals (CMC). Novak forecast 94 cents earnings per share in 2005 and 80 cents earnings per share in 2006.

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