ArcelorMittal: Oddo upgrades stock
(CercleFinance.com) - ArcelorMittal has announced a net loss of 1.
88 billion dollars in Q4 2019, compared to a profit of 1.19 billion dollars a year earlier, with its corresponding EBITDA halved (-52%) to 925 million dollars, albeit above the consensus (858 million dollars).
Oddo believes that management is rather constructive about steel demand in 2020. Analysts expect an improvement in the group's steel margin from the first quarter of 2020.
The broker has raised its estimates for the group, underlining that management is aiming for net debt of 7 billion dollars as of 2020.
Following this publication, has upgraded its Reduce rating on the share to Neutral, with a target of 17 euros (vs. current share price of 16 euros).
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