Reuters: Regulatory News: FINNEWS LATAM-Sell Usiminas on changes to bond terms-Goldman

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FINNEWS LATAM-Sell Usiminas on changes to bond terms-Goldman May 25th 2012, 12:53 Fri May 25, 2012 8:53am EDT Goldman Sachs Group Inc analysts led by Marcelo Aguiar said in a note Friday that plans by Brazilian steelmaker Usiminas to renegotiate terms on 254 million reais ($126 million) of local debt raise worries over profitability this year. Aguiar and his team reiterated a "Sell" recommendation on the shares, saying the plan to renegotiate the so-called debt covenants will create a short term pressure on company shares. "In our view, Usiminas shares may continue to underperform peers and the broader market on the back of increasing balance sheets risks and a potentially challenging recovery ahead," he wrote. Goldman Sachs kept the target price on the shares at 9.20 reais.

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