Morgan Stanley upgraded ArcelorMittal (MT) to Overweight from Equal Weight with a price target of EUR 46.20, up from EUR 33.70, while naming the stock the analyst’s Top Pick in Europe’s steel market. The firm, which shifts its valuation anchor toward 2027-28 EBITDA to capture earnings upside from safeguards and CBAM, says the upgrade reflects ArcelorMittal’s “compelling” operating leverage to a European earnings re-base.
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