UPDATE: Credit Suisse Lowers PT to $21 on ArcelorMittal on Uncertainties Overhang

Credit Suisse reiterated its Outperform rating on ArcelorMittal 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.