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Monday, Oct 21
ArcelorMittal, set for multi-year recovery, upgraded at Deutsche Bank
- ArcelorMittal (MT +3%) is upgraded to Buy from Hold with a $19 price target, up from $13.50, at Deutsche Bank after four years of earnings downgrades which have caused shares to drop 55% during the period.
- The firm believes leading indicators hint a recovery and earnings momentum will start to enter positive trajectory, leading investors to revisit the under-owned stock.
- With a recapitalized balance sheet, significant earnings leverage and upgrades on a potentially strong H1 as catalyst, MT offers attractive risk/reward in a recovery scenario, DB says.