Ternium upgraded to Buy from Neutral at BofA

BofA upgraded Ternium (TX) to Buy from Neutral with a price target of $46, down from $47.50. The firm says the stock is its preferred way to play stronger than expected North American flat steel pricing. Ternium’s 2027 “marks a capex inflection point” as the Pesqueria expansion concludes, driving a 10% free cash flow yield, the analyst tells investors in a research note. BofA believes the company also stands out as the primary beneficiary of a potential United States-Mexico-Canada Agreement renegotiation, leading to the exemption to U.S. tariffs.