ArcelorMittal: Morgan Stanley lowers its recommendation

(CercleFinance.com) - Morgan Stanley announced on Friday that it had lowered its recommendation on ArcelorMittal shares to 'in-line weighted' from 'overweight', believing that the company's recent rebound had been exaggerated.


In a note, the research firm explains that the upward movement in the share price in recent weeks, fuelled by hopes of a peace agreement in Ukraine, seems to have gone too far.

The group is seen as a direct beneficiary of any reconstruction in Ukraine, given its large industrial footprint in the country", the analyst points out.

Even so, its stock market revaluation seems disproportionate to the impact on its profits of an upturn in deliveries from Ukraine (of the order of $400 million)', he believes.

His price target remains unchanged at 29.8 euros.

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