UBS reaffirms its 'buy' recommendation on ArcelorMittal, while reducing its target price from €27 to €25, a new target that still leaves 25% upside potential for the European steel giant's stock.

In the summary of its note, the broker explains that it expects restocking to take place shortly, and considers that ArcelorMittal 'offers unrivalled organic growth compared with its steel peers at a valuation of less than three times in terms of EV/EBITDA ratio'.

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