Gerdau price target lowered to R$20 from R$31 at Scotiabank

Scotiabank lowered the firm’s price target on Gerdau (GGB) to R$20 from R$31 and keeps a Sector Perform rating on the shares. The outlook for global steel demand has deteriorated as trade tensions rise and the uncertainty driven by tariff announcements constantly change, the analyst tells investors. The industry outlook remains challenging, with the firm noting it sees a more promising outlook in the USA relative to Latin American steel markets.