Deutsche Bank analyst Bastian Synagowitz keeps his Buy rating and $36 price target on ArcelorMittal. The analyst states that he expects a sequential drop in Q4 numbers due to narrowing margins across all steel businesses despite better iron ore price realizations. Synagowitz adds however that the apparent demand in the western market remains subdued, and with the scope for a further recovery, along with a bottoming Chinese market, he continues to see a recovery path into 2023/24.
Published first on TheFly
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