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 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.