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ArcelorMittal downgraded to Neutral from Overweight at JPMorgan

ArcelorMittal downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Dominic O’Kane downgraded ArcelorMittal to Neutral from Overweight with a price target of EUR 21, down from EUR 26. The firm expects “constrained” medium-term organic free cash flow generation due to lower steel prices. It also views the potential for heightened U.S. trade protectionism as an additional risk.

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