JPMorgan analyst Dominic O’Kane upgraded Aperam (APEMY) to Neutral from Underweight with a price target of EUR 33.10, up from EUR 27.80. The firm estimates Germany’s infrastructure and defense fund could create 65-95Mt total new steel demand, or 6-9Mtpa over 10 years. The firm sees the stock’s risk/reward as now more balanced and its valuation less demanding.
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