Gerdau S.A. (NYSE:GGB) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
As of the close of play on July 7, Gerdau S.A. (NYSE:GGB) carried a moderately bullish consensus sentiment
Based on a median 1-year price target of $5.63, the stock yields more than 28% upside potential for investors. Andrey Armyagov/ On June 25, JPMorgan increased its target price for Gerdau S.A. (NYSE:GGB) from $5.50 to $6, resulting in an adjusted upside potential in excess of 36% at the prevailing level. The firm reiterated an Overweight rating on the stock.
Earlier on June 22, Gerdau S.A. (NYSE:GGB) announced that it entered into an agreement to purchase a 23.03% stake held by Companhia Paranaense de Energia (Copel) in Dona Francisca Energĩ S.A. This will result in the company’s 100% ownership of the hydropower company, located in Rio Grande do Sul. The deal values DFESA at around 150 million Reais, equivalent to $27 million.