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Aperam: Oddo downgrades stock

( - In a sector report, Oddo BHF has downgraded Aperam shares from "outperform" to "neutral", having cut its target price for them from 38 euros to 31 euros, which still gives the stainless steel, electrical and specialties manufacturer's stock upside potential of 17%.

Stainless steel producers have seen electricity prices skyrocket this summer, a particularly damaging situation, the analyst points out, noting that Aperam is the most affected and that it had to shut down its melt shop in Genk, Belgium, in August.

The broker has therefore reduced its 2023 and 2024 EBITDA estimates by 18% for Aperam, in order to take into account both a sharply rising energy bill and a worse outlook in Europe.

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