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ArcelorMittal: UBS still a buyer after results

(CercleFinance.com) - UBS reinstates its "buy" rating on ArcelorMittal shares, also maintaining its target price at 35 euros, which suggests upside potential of 28% for the steel giant's shares, the day after it announced its Q3 results.


"Net income was broadly in line with consensus (higher JV income offset a 2% EBITDA miss), but the positive is the $1bn top up of the ongoing buyback," the broker noted.


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