UPDATE: Morgan Stanley Upgrades Ternium SA with Multiple Catalysts on the Horizon

In a report published Thursday, Morgan Stanley analyst Carlos De Alba upgraded the rating on Ternium SA (NYSE: TX) from Equal-Weight to Overweight, and raised the price target from $25.20 to $31.60.

In the report, Morgan Stanley noted, “Ternium has two new facilities in Mexico that are to ramp up in the next 9 months, providing mileposts for 1) a better operational risk profile, with an increased Mexican participation; 2) EBITDA growth of 13% in 2013–15; and 3) industry-high FCF yield. Upgrading TX to OW, raising our PT to $31.6.”

Ternium SA closed on Wednesday at $24.56.