Scotiabank analyst Alfonso Salazar upgraded Gerdau (GGB) to Outperform from Sector Perform with a price target of R$22, up from R$20. Amid the turmoil in the Middle East, Gerdau North America should continue posting strong results, supported by tariffs, the analyst tells investors in a research note. The firm believes the company’s margins in Brazil should improve gradually, provided the ongoing energy disruptions due to the war in Iran are resolved.
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