ArcelorMittal: Jefferies begins monitoring - says 'buy'
(CercleFinance.com) - Jefferies has begun to monitor ArcelorMittal shares with a buy rating, believing that the stock benefits from an attractive value recovery and 50% upside potential from its price target of 33 euros.
"The weak 2024 macro & steel demand backdrop is well-known, capacity is being idled, and it's already reflected in expectations & valuations", the broker says in its report on European steelmakers.
"Overall, steel spreads are bottoming, and with balance sheets better vs history, steel shares poised to benefit from 1H24 price hikes off the lows", it adds.
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