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Salzgitter: Oddo downgrades stock

( - Oddo BHF has downgraded the German steel group Salzgitter's shares from "neutral" to "underperform", given their current downside potential relative to the broker's (unchanged) target price of E32.

Salzgitter's recent stockmarket performance has been good (+37% over the last six months), although this largely reflects the performance of the group's stake in Aurubis (+46% over the same period), which now represents 55% of the group's market capitalisation, the broker comments.

Within the sector, the broker says that it prefers ArcelorMittal for its diversification outside Europe and its integration into raw materials, along with Voestalpine due to its more buoyant business profile.

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