Analyst Patrick Mann of Bank of America Securities reiterated a Buy rating on ArcelorMittal (0RP9 – Research Report), reducing the price target to €29.00.
Patrick Mann has given his Buy rating due to a combination of factors that highlight ArcelorMittal’s strategic positioning and growth potential. Despite the current volatility in commodity prices and the uncertainties surrounding global trade, Mann sees value in ArcelorMittal’s balanced approach to growth and capital returns. The company’s strategic projects, particularly in economic decarbonization and expansion of electric arc furnaces in Spain, are expected to support medium-term earnings growth.
Moreover, the European Commission’s Steel & Metals Action Plan, which aims to bolster trade defenses and reduce energy costs, provides a favorable backdrop for the European steel industry. While there are concerns about potential demand recessions due to US tariffs, Mann believes that a reduction in trade disputes could enhance sector fundamentals. Overall, the attractive valuation and strategic initiatives of ArcelorMittal contribute to Mann’s positive outlook and Buy rating.
According to TipRanks, Mann is ranked #7670 out of 9317 analysts.
In another report released on March 31, Kepler Capital also maintained a Buy rating on the stock with a €41.50 price target.