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ArcelorMittal: Deutsche Bank downgrades to 'hold

( - Deutsche Bank on Tuesday downgraded its recommendation on ArcelorMittal shares from 'buy' to 'hold', with a price target reduced from 31 to 29 euros, expressing concern about the level of demand for steel.

In a research note, Deutsche Bank points out that the steelmaker's share price has recovered well from last year's slump, thanks in particular to its exit from Kazakhstan and the implementation of share buybacks.

Nevertheless, the research firm points to sluggish demand in many of the Group's strategic markets, with weak industrial activity in China continuing to weigh on both the steel and iron ore sectors.

The analysts have consequently lowered their earnings forecasts for the Group, cutting their estimates for operating income before non-recurring items (Ebitda) for the 2024/2026 period by 10% to 13%.

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