ArcelorMittal downgraded to Underweight from Overweight at JPMorgan

JPMorgan analyst Dominic O’Kane downgraded ArcelorMittal (MT) to Underweight from Overweight with a price target of EUR 40, down from EUR 53.50. The firm says events in the Middle East bring risks that are not adequately discounted into the shares of European metals and mining stocks. The analyst reversed JPMorgan’s previously positive view on the group and turns negative. It introduced a downside scenario for copper and iron ore as a new base case.