On Monday, Kepler Cheuvreux raised the target price for ArcelorMittal from 30.00 to 32.00 euro with an unchanged purchase recommendation.
Kepler’s analysts pointed out that ArcerorMittal’s EBITDA in the first quarter was the best result in a decade. The steel giant benefited from favourable market developments.
Kepler expects favourable trends to continue in the second and third quarters. This makes 2021 the best year since 2008.
Although ArcelorMittal will return about $ 2 billion to shareholders, Kepler expects the steel giant’s balance sheet to improve.
The share of ArcelorMittal increased 1.2 percent to 26.80 euros on Monday.