KeyBanc Upgrades Gerdau Ameristeel Corp. (GNA) to Buy
More News related to GNA
- Gerdau Ameristeel to Present at Goldman Sachs' Fourth Annual Global Steel CEO Forum
- Gerdau AmeriSteel (GNA) Reports Mixed Q3 Results
- Gerdau Ameristeel (GNA) Reports Mixed Q3 Earnings
- Gerdau Ameristeel Announces Record Third Quarter 2008 Earnings
- Gerdau Ameristeel Announces Acquisition of Metro Recycling
More News related to Upgrades
- BMO Upgrades Spectrum Brands (SPC) to Market Perform
- Maxim Upgrades Palomar Medical (PMTI) to Buy
- RBC Capital Upgrades DSP Group (DSPG) to Sector Perform
- UBS Upgrades Morgans Hotel Group (MHGC) to Buy
- Janney Montgomery Scott Upgrades Wright Express Corp (WXS) to Buy.
KeyBanc upgrades Gerdau Ameristeel Corporation (NYSE: GNA) from Hold to Buy with a $19 price target.
The firm raises their 2008 EPS estimate from $1.65 to $2.25, which includes a 3Q08 estimate of $0.70 via the strong 2Q surprise and stronger 2H08 outlook. KeyBanc also increases their 2009 EPS estimate from $1.85 to $2.30.
Yesterday, GNA reported Q208 EPS of $0.60, and an 88.4% increase in comparison to last year. The firm said, "The solid 2Q08 beat reflected yet another data point of exceptional operational momentum, including legacy operations, integration of Chaparral Steel, and initial contributions from recent downstream acquisitions. In addition, long product pricing momentum appears poised to once again eclipse scrap and manufacturing cost momentum, yielding further upside to 3Q08 operations vs. 2Q results."
Gerdau Ameristeel Corporation (Gerdau Ameristeel) is a minimill steel producer in North America with an annual manufacturing capacity of 12 million tons of mill finished steel products.
Related Categories
UpgradesStocks Mentioned
+0.08Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
