Gerdau shares fall following Bank of America downgrade

Gerdau S.A. shares experienced a gap down in pre-market trading following a downgrade by Bank of America, which moved the stock from a buy rating to a neutral rating. Despite the downgrade, Bank of America set a price target of $5.10.

Other recent analyst activity for Gerdau includes a price target increase by JPMorgan Chase & Co. to $6.00 with an overweight rating, and a rating upgrade from Weiss Ratings. Conversely, Itau BBA Securities recently lowered its rating to market perform. Recent insider activity also shows sales of shares by Chia Yuan Wang and Chief Financial Officer Rafael Dorneles Japur.