Goldman Sachs analyst Marcio Farid downgraded Usiminas (USNZY) to Neutral from Buy with a price target of R$5.20, down from R$8.40. Despite the recent share price gains and profitability, Usiminas still faces significant cyclical and structural challenges, mainly explained by China’s ongoing elevated steel exports in 2025 as well as a need for continuous above-depreciation capex execution to improve efficiency and structural competitiveness, the analyst tells investors in a research note.
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