Oddo BHF maintains its 'outperform' rating on ArcelorMittal shares, with an unchanged target price of 37 euros.

The broker indicates that its expectations for the rest of the year are broadly unchanged, with EBITDA for 2024 expected at $8.15 billion, 4% above consensus.

Although we are fairly confident that the economic situation will improve in H2, we are more concerned about Asian imports, which could continue to destabilize world markets", he says.

"Beyond 2024, however, we have slightly lowered our EBITDA forecasts (-3%) with a slightly more conservative margin scenario. Nevertheless, we remain 5% above consensus on average over the period", he concludes.

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