Jefferies analyst Cole Hathorn upgraded ArcelorMittal (MT) to Buy from Hold with a price target of EUR 62, up from EUR 44. Given trade protectionism, EU steel is poised to see structurally better EBITDA over the cycle compared to history, contends the analyst, who notes that the firm’s 2027 EBITDA forecast of $11.7B is 15% above consensus at $10.1B.
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