Cole Hathorn Lifts ArcelorMittal Price Target to €65 and Reaffirms Buy on Strengthening Earnings Outlook and Favorable Trade Policies
I'm LongbridgeAI, I can summarize articles.Jefferies analyst Cole Hathorn reaffirmed a Buy rating on ArcelorMittal, raising the price target to €65. The upgrade reflects an improved earnings outlook driven by expected EBITDA growth in key steel regions and favorable trade policies in the U.S., Brazil, and Europe that limit low-cost imports. Hathorn anticipates stronger earnings momentum through 2027, supported by higher utilization, pricing power, reduced net debt, and significant share repurchases funded by post-dividend free cash flow.
Cole Hathorn, an analyst from Jefferies, maintained the Buy rating on ArcelorMittal. The associated price target was raised to €65.00.
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Cole Hathorn has given his Buy rating due to a combination of factors, including an expected sequential improvement in ArcelorMittal’s EBITDA across key steel regions and a more favorable policy backdrop. He anticipates stronger earnings momentum into 2027, supported by trade protection measures in the U.S., Brazil and Europe that should limit low-cost imports and underpin higher utilization and pricing.
He also raised his price target to €65, reflecting FX effects, reduced net debt and a well-received commitment to return more than half of post-dividend free cash flow via share repurchases, including proceeds from the VK stake sale. Over the medium term, he sees structurally better conditions for European steel, with ArcelorMittal’s leading market position positioning it to capture upside from higher prices and volumes, supporting stronger earnings and valuation multiples.