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3.39
2.31%
-0.08
After Hours:
3.31
-0.08
-2.36%
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Why is Gerdau S A Adr (GGB) Stock down?
We've noticed a 5.12% decline in Gerdau S A Adr (GGB) stock during the 2024-11-08 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Nov, 2023:
Gerdau S.A. ADR Stock (GGB) dropped by 5.58% from $5.02 to $4.74 in the trading on Monday November 20, 2023. The reasons why GGB stock down today is due to the stock downgrade from the analyst. B of A Securities downgraded its rating of Gerdau (GGB) to Neutral with a price target of $5.10, changing its price target from $5.60 to $5.10. It is due to several headwinds that Gerdau is facing:
- Weak operating figures with a downward trend on both sequential and year-on-year basis.
- Diminished steel demand within Brazil and increased competition from Chinese steel, leading to a pricing battle in the domestic market.
- Increased capital expenditures for maintenance and expansion, contributing to concerns about short-term cash flow generation.
1.21%
0.51%
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