Morgan Stanley downgraded ArcelorMittal (MT) to Equal Weight from Overweight with a EUR 29.80 price target The rally has been galvanized by heightened optimism of a potential Russia-Ukraine peace deal, alongside perceived positive consequences on overall economic sentiment in Europ, but while ArcelorMittal is seen as a direct beneficiary from a potential Ukraine reconstruction given its asset footprint in the country, the equity re-rating is disproportionate vs. the potential earnings impact from higher Ukraine shipments, the analyst tells investors in a research note.
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