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Alphavalue raises Acerinox to 'reduce' after good Q3 performance

By Reuters News

** Alphavalue raised Spanish steelmaker Acerinox ACX.MC to "reduce" from "sell", citing Q3's "good performance"

** According to the brokerage, the first impacts of the EU's measures, which include a carbon levy, higher tariffs and lower import quotas, were felt in the quarter

** "Our previous numbers were overly conservative, underestimating these impacts, which could be even stronger should the demand pick up," Alphavalue says

** It also raises its target price by 17% from €13.2 to €15.5

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