ArcelorMittal: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF confirms its "buy" rating on the ArcelorMittal share, which it says is the most exposed to spot prices (60% of sales) and which benefits from the strongest operational leverage, with the broker raising its target price from 12 euros to 14 euros.
The broker sees a "promising" September for the steel group, pointing out a tangible recovery in all sectors - particularly the automotive sector - although this will not reach the pre-COVID-19 level.
The strength of demand in China, which has become a net steel importer this year, and the return of pollution controls indirectly contribute to strengthening the pricing power of steelmakers in Europe, it continues.
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