Voestalpine downgraded to Neutral from Outperform at Exane BNP Paribas

Exane BNP Paribas downgraded Voestalpine (VLPNY) to Neutral from Outperform. Steelmakers are entering 2025 “still reeling from a 30% price crash over the past year,” the analyst tells investors in a research note. The firm sees 20% downside risk going into Q4 and Q1 with distributors in “wait-and-see mode.” The fall in European demand is proving “more structural than cyclical,” the analyst tells investors in a research note.