ArcelorMittal: share rises with UBS upgrade
(CercleFinance.com) - ArcelorMittal's share price rose sharply on Wednesday morning in big trading volumes, after UBS upgraded the world's number two steel company's stock to buy.
At 10:30 am, the stock was up about 2%, outperforming the European STOXX basic materials sector index which was up just 0.2%.
UBS this morning upgraded the steelmaker's share from "sell" to "buy" raising its target price from E26 to E30.7, i.e. upside potential of 16% compared to yesterday's closing price.
The broker notes that the stock has lost about 15% over the past three months, despite the recovery of steel spreads and an improvement in its long-term outlook.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
At 10:30 am, the stock was up about 2%, outperforming the European STOXX basic materials sector index which was up just 0.2%.
UBS this morning upgraded the steelmaker's share from "sell" to "buy" raising its target price from E26 to E30.7, i.e. upside potential of 16% compared to yesterday's closing price.
The broker notes that the stock has lost about 15% over the past three months, despite the recovery of steel spreads and an improvement in its long-term outlook.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.