Pursuits
Ternium Upgraded to ‘Buy’ at Goldman on Steel Outlook, Usiminas
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Ternium SA, Latin America’s second-largest steelmaker, was raised to “buy” at Goldman Sachs Group Inc. on rising prices for the raw material and gains from its purchase of a stake in Usinas Siderurgicas de Minas Gerais SA.
Ternium was upgraded from “neutral” and was given a 12-month price estimate of $27.80, according to an e-mailed report dated today by Marcelo Aguiar and Diogo Miura, Goldman Sachs analysts in Sao Paulo. The American depositary receipts declined 45 percent in the past 12 months to $22.64.