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ArcelorMittal: BofA upgrades stock

( - Bank of America on Thursday upgraded ArcelorMittal shares from "neutral" to "buy", edging up its target price for them from 30 euros to 31 euros.

The US investment bank cited the steel giant's "attractive" valuation following the stock's recent correction.

BofA points out that business levels in the steel sector continue to pleasantly surprise, which could lead to the market raising its expectations.

While the steel industry could turn downward in H2, causing prices to fall in the process, the New York-based firm points out that market conditions are currently far less severe than might have been feared at the end of 2022.

ArcelorMittal shares are currently trading at 0.45x book value, compared to a LT average of 0.6x, while the company's EV/EBITDA multiple is around 2.4x, half its historical average of 4.8x, BofA concludes.

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