Goldman Sachs and JPMorgan think steel producer Ternium can strengthen its presence in South America resulting in big upside for the stock. The company is a steel producer in Latin America and operates production plants in Argentina, Brazil, Columbia, Guatemala, Mexico and the U.S. Both firms said following the company’s April first-quarter results that Ternium’s better-than-expected prices in key markets like Mexico and Argentina underpinned the earnings beat, despite overall lower volume. Shares have ticked down roughly 5% in 2024. JPMorgan has an outperform rating on Ternium stock, with a $54 per share price target which equates to nearly 33% upside from Monday’s $40.31 close. Goldman Sachs, meanwhile, is buy rated on Ternium with a $51 per share price target, or about 27% upside moving forward. TX YTD mountain Ternium stock. Goldman Sachs highlighted the company’s attractive valuation and 8% dividend as part of its bullish outlook on the stock, and added that its growing Mexico business is also a tailwind moving forward. And despite executives issuing lower EBITDA guidance for the second-quarter, Goldman still expects the company to reach the firm’s full-year forecast of $3 billion. Elsewhere, Morgan Stanley also has an overweight rating on Terinum stock. The firm’s $47 per share price target amounts to nearly 17% upside moving forward.