Morgan Stanley Upgrades Gerdau S.A. to Overweight (GGB)
Gerdau S.A. (NYSE:GGB) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, StockRatingsNetwork reports.
Shares of Gerdau S.A. (NYSE:GGB) traded down 1.82% on Thursday, hitting $7.54. 1,810,044 shares of the company’s stock traded hands. Gerdau S.A. has a 1-year low of $5.27 and a 1-year high of $9.68. The stock has a 50-day moving average of $7.35 and a 200-day moving average of $6.85. The company has a market cap of $12.823 billion and a price-to-earnings ratio of 25.18.
A number of other analysts have also recently weighed in on GGB. Analysts at Zacks reiterated a “neutral” rating on shares of Gerdau S.A. (NYSE:GGB) in a research note to investors on Tuesday, August 20th. They now have a $7.50 price target on the stock. Analysts at HSBC upgraded shares of Gerdau S.A. (NYSE:GGB) from a “neutral” rating to an “overweight” rating in a research note to investors on Monday, August 19th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $7.50.
Gerdau SA (NYSE:GGB) is a producer of long rolled steel.
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