Arcelormittal (NYSE:MT) Receives a Downgrade
In analysts note released on Wednesday morning, Citigroup announced that they will be downgrading shares of Arcelormittal (NYSE:MT) from a Buy to a Neutral rating.
From a total of 6 analysts covering Arcelormittal (NYSE:MT) stock, 3 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 50% of the ratings are positive. The highest target price is $13 while the lowest target price is $6. The mean of all analyst targets is $8.72 with a 84.05% above today’s ($4.89) stock price. Arcelormittal was the topic of 12 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Credit Suisse downgraded shares on October 23 to “Neutral” rating. JP Morgan upgraded MT stock in a recent report from October 9 to “Overweight” rating. Finally, ABN Amro upgraded the stock to “Buy” rating in a report issued on an August 5.
The stock increased 0.72% or $0.03 on December 2, striking $4.89. Approximately 90,380 shares of stock traded hands. ArcelorMittal SA (ADR) (NYSE:MT) has declined 54.17% since April 29, 2015 and is downtrending. It has underperformed by 53.97% the S&P500.
ArcelorMittal SA is a holding company. The company has a market cap of $8.09 billion. The Firm is a steel and mining company, which operates through five divisions: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. It currently has negative earnings. The Firm produces a range of finished and semi-finished steel products.
According to Zacks Investment Research, “ArcelorMittal (MT) is the world’s leading steel and mining company. With a presence in more than 60 countries, it operates a balanced portfolio of cost competitive steel plants across both the developed and developing world. It is the leader in all the main sectors automotive, household appliances, packaging and construction. The company is also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development.” Get a free copy of the Zacks research report on ArcelorMittal SA (ADR) (MT).