ArcelorMittal: Deutsche Bank reduces target price
(CercleFinance.com) - On Monday Deutsche Bank maintained its buy recommendation on ArcelorMittal shares, although reduced its target price for them from 55 euros to 52 euros.
In a research note published ahead of the publication of its Q4 results, scheduled for 10 February, the broker said that it expected a sequential decline in the steelmaker's Ebitda.
Deutsche Bank said it expects core earnings of 4.9 billion dollars, down from 6.1 billion dollars in Q3, due to higher coal costs and energy prices.
As a result, the analyst reduced its Ebitda forecasts for 2022 and 2023 by 3% to 4% respectively, which ultimately led him to reduce his target price for the share.
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