UBS analyst Andrew Jones downgraded ArcelorMittal to Sell from Neutral with a price target of EUR 26, up from EUR 23. The structural challenges of decarbonization remain and Jones still expects 2023 to be a bleak year for the industry, the analyst tells investors in a research note. The analyst believes the near -term restocking driven steel price rally will be short-lived and earnings upside will be limited.
Published first on TheFly
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