ArcelorMittal upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded ArcelorMittal to Overweight from Equal Weight with an unchanged price target of EUR 25. The company, along with the entire European steel space, has faced a difficult two years due to sluggish real demand, rising import pressure driven by excess production in China and consensus earnings downgrades, the analyst tells investors in a research note. However, the firm thinks ArcelorMittal’s risk/reward “is looking increasingly attractive at this juncture.” It says the stock’s valuation is pushing toward multi-year lows despite 2024 setup to be the trough for earnings.