ArcelorMittal price target lowered to EUR 62 from EUR 65 at BofA

BofA lowered the firm’s price target on ArcelorMittal (MT) to EUR 62 from EUR 65 and keeps a Buy rating on the shares following an “in-line” Q1 earnings report. The firm noted that North America and Brazil were both stronger than expected, but Europe was weaker than expected, likely on carbon costs that the firm believes will be recovered in Q2. BofA added that ArcelorMittal’s free cash flow outflow was smaller than consensus, and that demand was “holding up relatively well despite the war uncertainty.”