ArcelorMittal upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Dominic O’Kane upgraded ArcelorMittal (MT) to Overweight from Neutral with a price target of EUR 42, up from EUR 29.50, as part of a broader research note on European Steel names. The firm cites the October 7th announcement when the European Commission outlined new proposals to safeguard Europe’s steel sector by reducing EU steel imports by over 40% in 2026, the analyst tells investors in a research note. Rolling forward its EU Steel price targets to December 27, the firm calculates above-20% upside potential in the sector, JPMorgan added.