Citi Maintains Buy on Ternium SA (TX)

Citi is out with its report today on Ternium SA TX, maintaining Buy. In a note to clients, Citi writes, "We maintain our Buy rating and US$39 target price. Ternium is a very strong operator and offers value relative to Brazil steel equities. Our biggest concern is the potential Brazil steel mill – project IRR's are questionable at current BRL levels, and we have seen Thyssen struggle with a similar project." Shares of TX closed Thursday at $35.94.