Price Action To Observe: Gerdau SA (ADR) Has Another Very Strong Trading Session

Price Action To Observe: Gerdau SA (ADR) Has Another Very Strong Trading Session

The stock of Gerdau SA (ADR) (NYSE:GGB) is a huge mover today! About 4.72M shares traded hands. Gerdau SA (ADR) (NYSE:GGB) has risen 77.09% since April 5, 2016 and is uptrending. It has outperformed by 75.14% the S&P500.
The move comes after 8 months positive chart setup for the $5.33B company. It was reported on Nov, 7 by Barchart.com. We have $5.34 PT which if reached, will make NYSE:GGB worth $3.09 billion more.

Gerdau SA (ADR) (NYSE:GGB) Ratings Coverage

Out of 5 analysts covering Gerdau (NYSE:GGB), 3 rate it a “Buy”, 2 “Sell”, while 0 “Hold”. This means 60% are positive. Gerdau has been the topic of 6 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The rating was upgraded by Credit Suisse to “Outperform” on Thursday, August 4. The firm has “Underperform” rating given on Tuesday, October 25 by Scotia Capital. The firm has “Overweight” rating given on Thursday, August 18 by Morgan Stanley. Goldman Sachs initiated Gerdau SA (ADR) (NYSE:GGB) rating on Monday, August 10. Goldman Sachs has “Buy” rating and $2.30 price target. The rating was downgraded by Bank of America on Monday, February 22 to “Underperform”.

According to Zacks Investment Research, “GERDAU S.A. throughout its 101 years of activities, they are largest long steel producer in Latin America, and have made an important contribution in building the history of the Brazilian industry. Gerdau Group dedicates itself to meeting the growing demands of several dynamic industries involved in the production of goods and in the development of the economy. Gerdau steel is used in construction and industry as well as in the automotive and agricultural sectors.”

GGB Company Profile

Gerdau S.A. (Gerdau), incorporated on November 20, 1961, is a maker of long steel in the North and South America. The Firm is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela. The Company’s divisions are Brazil Operations, which includes activities of steel and iron ore in Brazil, except Special Steels, and the operation of metallurgical coal and coke in Colombia; North America Operations, which includes all activities in North America, except those of Mexico and Special Steels; South America Operations, which includes all activities in South America, except Brazil and the operation of metallurgical coal and coke in Colombia, and Special Steel Operations, including special steel activities in Brazil, Spain, the United States and India.

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