Bear Stearns upgrades CST
Bnamericas Published: Monday, August 16, 2004
US investment bank Bear Stearns on Monday (August 16) upgraded its recommendation on shares of Companhia Siderúrgica Tubarão (CST), Brazil's third largest steelmaker. "We like CST's upstream product focus, diversification, strong management team, disclosure, superior balance sheet, and low-risk growth strategy," the investment bank said in a research note. In addition, CST has the lowest valuation among Brazilian peers at 2.6x earnings valuation to end-2005, Ebitda of US$950mn and 3.6x earnings per share of US$10.75, Bear Stearns said. This means CST is the bank's top Brazilian steel pick. CST's end-2005 price target was set at 163 reais/share (US$54/share). Bear Stearn's second and third steel choices in Brazil are Usiminas and Companhia Siderúrgica Nacional (CSN) respectively, both held at peer perform. by Sergio Caldas
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