BofA analyst Jason Fairclough downgraded ArcelorMittal to Neutral from Buy with a EUR 28 price target. The analyst thinks a "trough" valuation multiple is appropriate during a macro downturn and as the sector sees earnings downgrades. Fairclough updated his steel price forecasts to reflect a weaker pricing and volume environment "as Europe heads to an economic slowdown into 2023."
Published first on TheFly
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