Wells Fargo analyst Timna Tanners raised the firm’s price target on ArcelorMittal (MT) to $39 from $33 and keeps an Equal Weight rating on the shares as the firm looks toward a better European price and volume environment from likely greater trade protection from CBAM and tariffs into 2026. The firm sees this supporting rerating, even as it is cautious second half of 2025 and stays on the sidelines.
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