UPDATE: Goldman Sachs Downgrades Ternium from Buy to Hold
Goldman Sachs downgraded Ternium (NYSE: TX) from a Buy to a Hold rating and lowered its price target from $24.00 to $19.50.
Goldman Sachs noted, “We are less constructive on Ternium's investment case on the back of lower upside to our revised target price following much weaker-than-expected 2Q2012 results and our forecast of weaker shipments in 2012/13 with deterioration in the Argentine economy. We do not expect a re-rating in the short term given growth concerns and a lack of potential positive catalysts.”
Ternium closed at $18.11 on Thursday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.