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ArcelorMittal: Oddo BHF still a seller

( - Oddo BHF reiterates its "reduce" rating on the ArcelorMittal share , along with its target price of 13 euros (downside potential of about 16%), noting that for the steelmaker, the market environment remains difficult and that the situation regarding Ilva is still uncertain.

However, the broker has increased its expectations for 2019, now expecting EBITDA of 5.4 billion dollars, against five billion dollars previously. It has left its forecasts for 2020-21 unchanged.

Oddo BHF also believes that the reduction in cash requirements and in WCR should result in the generation of significant free cash flow in Q4, a period that could finally prove to be better than expected.

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