(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on ArcelorMittal shares, with a price target lowered from 35 to 31 euros.
‘After a mixed H1 due to disappointed hopes of a strong recovery in China and major incidents at two sites in Europe, H2 looks set to be relatively weak’, estimates the analyst who nevertheless explains that the recent news from Beijing is ‘a bit better’, thanks to measures to support home ownership.
If Oddo BHF leaves its forecasts for the 3rd quarter almost unchanged, expectations are more drastically reduced for the 4th quarter, due to the drop in prices in the United States and Brazil combined with the increase in the cost of raw materials. EBITDA is therefore expected at $1.59 billion (-12%).
‘Finally, we have also lowered our expectations for 2024 (-8%) and 2025 (-9%) mainly due to the rapid drop in prices in the United States’, concludes the broker.
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