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6 pts

Opinion on  Companhia Siderurgica Nacional (SID)     Sector: Basic Materials  >  Industry: Iron & Steel
a multiple expansion for Brazilian stocks.

Mar 19, 2008 10:32 AM GMT
Astukphoto
Return Risk
-19.83% MID
Sr. Associate

by Zacks
We are keeping our Buy recommendation on Companhia Siderurgica Nacional (SID). We are
encouraged by the company s solid 2007 results, even though fourth quarter figures were slightly below our expectations. Also, the news regarding the
increase in iron ore prices was positive. The economic environment in Brazil remains encouraging despite the Central Bank s recent decision to stop cutting interest rates. Moreover, the demand from China is still strong; the Casa de Pedra project is on
track; and we believe Brazil will reach investment grade within the next twelve months, leading to a multiple expansion for Brazilian stocks.
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SID:  This call was made on 03/19/08 @ $39.91
Rating:   Positive   $39.91 (03/19/08)
Closed:   05/07/2008 @ $45.66 (+14.41% in 49 days)
Target:   $80.00 (+100.45%) in > one year
Allocation:   1.4% of portfolio


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abates   N/A     1 point   commented 612 days ago reply

Are you concerned about the effect that an American recession will have on Brazil's economy which may curb any multiple expansion

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Armin Stuk previously rated SID
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