CSN initiated with a Sell at UBS

UBS analyst Caio Greiner initiated coverage of CSN (SID) with a Sell rating and $1.30 price target The firm initiated coverage of the Brazilian metals and mining sector, saying the group has a strong correlation to China’s economic momentum. China’s secular decline of its property sector has translated into decelerating economic activity and also demand for metal, the analyst tells investors in a research note. UBS is cautious on the outlook for the space.