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ArcelorMittal: Credit Suisse upgrades stock

( - On Thursday Credit Suisse upgraded its rating on ArcelorMittal shares to "outperform" from "neutral", having increased its target price for them to 42 euros (from 34 euros).

In a research note, the broker points out that it had adopted a "neutral" stance on the stock at the beginning of the year, given a normalisation of the profitability of the group's steel division, a phenomenon that it now considers more than priced in.

Credit Suisse has also increased its operating profit (Ebitda) forecasts for 2021 and 2022, due to the increase in real steel prices, both in Europe and the US.

The broker says that the share price's recent weakness offers investors an attractive entry point for a group that is expected to generate free cash flow of some 17.5 billion dollars over the next three years, equivalent to around 61% of its current market capitalisation.

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