(CercleFinance.com) – Oddo BHF reaffirms its ‘outperform’ opinion on ArcelorMittal with an adjusted price target of 33 to 34 euros, in the wake of a slight increase in its estimates, judging that ‘despite the recent rise in the stock, the potential remains significant’.
‘In addition to the continuation of favorable price trends, the additional re-rating will depend on the outcome of the races on US Steel. ArcelorMittal is clearly not the favorite compared to local players who are undoubtedly favored by politicians,’ believes the analyst.
‘However, thanks in particular to the improvement in the room for maneuver allowed by the sale of Kazakhstan, a value-creating operation is possible without calling into question the IG rating or the shareholder remuneration policy,’ he continues.
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