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ArcelorMittal: Oddo BHF reduces its target price

( - Oddo BHF maintains its "outperform" rating on ArcelorMittal shares, with a price target lowered from E35 to E31.

"After a mixed H1 due to dashed hopes of a strong recovery in China and major incidents at two sites in Europe, H2 looks relatively weak," says the analyst, who nevertheless explains that recent news from Beijing is "a little better", thanks to measures to support home ownership.

While Oddo BHF is leaving its Q3 forecasts virtually unchanged, expectations have been more drastically reduced for Q4, due to lower prices in the USA and Brazil combined with higher raw material costs. EBITDA is thus expected to be $1.59 billion (-12%).

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