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ArcelorMittal: Oddo BHF still a buyer

( - Oddo BHF maintains its 'outperform' rating on ArcelorMittal shares, with an unchanged target price of E37.

The broker says that its expectations for the rest of the year are broadly unchanged, with 2024 EBITDA expected at $8.15bn, 4% above the consensus.

Although we are fairly confident that the economic situation will improve in H2, we are more concerned about Asian imports, which could continue to destabilise world markets, it says.

Beyond 2024, however, we have slightly lowered our EBITDA forecasts (-3%), with a slightly more conservative scenario regarding its margin. Nevertheless, we remain 5% above consensus on average over the period, the broker concludes.

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