BofA revises its report on Erdemir

Bank of America (BofA) has corrected the report it published on February 29 regarding Erdemir, which had drawn a reaction from Erdemir's management. While the institution had lowered the target price from 19 TL to 17 TL in the report published on February 29, it raised the target price from 19 TL to 47 TL in the report released today and set its recommendation to "neutral."

"CORRECTING THE ERROR IN STEEL PRICES"

In the report published today, BofA analysts stated, "This report corrects an error in the assumption of realized steel prices in the report published on February 29, which led to an incorrect calculation of the company's expected EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and target price."