UPDATE: Credit Suisse Lowers PT to $21 on ArcelorMittal on Uncertainties Overhang
Credit Suisse reiterated its Outperform rating on ArcelorMittal (NYSE: MT) but lowered its price target to $21 from $27.30 on no signs of a macro rebound.
Credit Suisse noted, "We make minor model tweaks for 2012, but cut our 2013 EBITDA and 2014 by 15% and 12% respectively given likely weak run rates of EBITDA entering 2013E and no signs of an imminent macro rebound. Our target price moves to €17/$21 based on 6x 2013 EV/EBITDA. We no longer base our target price on our normalised valuation of €21 given the shorter term market focus, especially given the balance sheet overhang at this time."
ArcelorMittal closed at $14.29 on Wednesday.
Latest Ratings for MT
|Nov 2016||RBC Capital||Upgrades||Sector Perform||Outperform|
|Nov 2016||Bank of America||Downgrades||Buy||Neutral|
|Aug 2016||JP Morgan||Upgrades||Underweight||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.