UPDATE: Morgan Stanley Reiterates On Ternium SA On New Iron Ore Price Scenario
In a report published Thursday, Morgan Stanley analyst Carlos De Alba reiterated an Equal-Weight rating on Ternium SA (NYSE: TX), but lowered the price target from $30.20 to $29.90.
In the report, Morgan Stanley noted, “We are adjusting Ternium's model on the back of our commodities team's lower IO price scenario, the expected ARS depreciation, and increasing domestic costs in Argentina. As a result, we are reducing our 2014–16 EBITDA estimates by 3–5% and our PT to US$29.9/ADS from US$30.2.”
Ternium SA closed on Wednesday at $29.83.
Latest Ratings for TX
|Oct 2014||JP Morgan||Downgrades||Overweight||Neutral|
|Oct 2014||Credit Suisse||Downgrades||Outperform||Neutral|
|Apr 2014||JP Morgan||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.