Jefferies last night downgraded ArcelorMittal (MT) to Hold from Buy with an unchanged price target of $33. The stock has rallied 32% year-to-date, outperforming its U.S. steel peers, the analyst tells investors in a research note. The firm now expects a period of share price consolidation in the near term, saying Mexico and Canada uncertainty remains. Jefferies notes that while the European mid-term steel outlook is better, it needs visibility on pricing and demand to drive estimates higher.
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