ArcelorMittal downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Matt Greene downgraded ArcelorMittal (MT) to Neutral from Buy with a price target of EUR 30, up from EUR 29. The firm’s bullish thesis has played out as raw material deflation has supported margins while prospects for effective safeguards in key markets have underpinned sentiment, though after 55% gain since adding it to the Buy List, the stock now screens fully valued, the analyst tells investors in a research note. Risk-reward on shares is balanced as upside relies on sustained cost tailwinds and effective policy follow-through in the EU, while downside is possible from a reversal in iron ore/met coal or energy costs compressing spreads, weaker safeguard enforcement, tariff uncertainty, risks to India JV profitability, the firm added.