ArcelorMittal: UBS upgrades stock
(CercleFinance.com) - On Wednesday UBS upgraded ArcelorMittal shares directly from "sell" to "buy", raising its target price for them from 26 euros to 30.
7 euros, which gives the stock upside potential of 16%.
The broker notes that the stock has lost about 15% over the past three months, despite the recovery in steel spreads and an improved long-term outlook.
The Swiss bank's analysts therefore expect "favourable" earnings momentum in Q1 and Q2, driven by price recovery, volume recovery and lower energy costs.
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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.
7 euros, which gives the stock upside potential of 16%.
The broker notes that the stock has lost about 15% over the past three months, despite the recovery in steel spreads and an improved long-term outlook.
The Swiss bank's analysts therefore expect "favourable" earnings momentum in Q1 and Q2, driven by price recovery, volume recovery and lower energy costs.
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.