According to Morgan Stanley, Ternium S.A. TX Overweight rating is reiterated.
Morgan Stanley reported that it reiterates its Overweight rating on Ternium shares supported by an attractive risk-reward profile and 25% upside to its $45/ADR target. “We continue to believe the company will benefit from increasing steel demand in its two main markets: North America & Argentina. Management's guidance of 8.5Mt in volumes for 2011 and for sequential EBITDA expansions in 1Q11 and 2Q11 is in line with our model.”
Ternium S.A. closed yesterday at $35.94.
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