Deutsche Bank Upgrades Gerdau (GGB) to Hold
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Deutsche Bank upgrades Gerdau (NYSE: GGB) from Sell to Hold.
Deutsche analyst says, "Our previous downgrade was essentially founded on the company’s leverage position, concerns about 1H09 results and the potential for further deterioration in the steel markets. GGB’s debt position has improved modestly but its financial risk has declined via the capital markets. Also, product prices in Brazil have performed better than we forecasted (translates to higher estimates), the market has reacted well to disappointing results to date and demand data-points in key markets (Brazil and North America) have improved recently. In total, we now believe that Gerdau’s shares are fairly valued."
Gerdau SA is a Brazil-based holding company engaged in the production of long, rolled steel.
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