Bank of America Upgrades Gerdau (GGB) to Neutral

June 18, 2009 8:28 AM EDT

Bank of America upgrades Gerdau (NYSE: GGB) from Underperform to Neutral. Price target increased from $6 to $12.

Gerdau SA is a Brazil-based holding company engaged in the production of long, rolled steel. The Company operates steel mills that produce steel by direct iron-ore reduction (DRI), in blast furnaces, or in electric arc furnaces (EAF).

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