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Fly News Breaks for November 13, 2019
RS, NUE, MT
Nov 13, 2019 | 07:08 EDT
KeyBanc analyst Philip Gibbs upgraded ArcelorMittal (MT) to Overweight from Sector Weight with a $21 price target to reflect easing costs and inflecting spot steel margins, and a potential path to exit its troubled Ilva assets. In a research note to investors, Gibbs says that following recent due diligence, including his firm's Q4 "SoS" survey, estimates rise on primary carbon sheet spreads on better mill supply discipline against easing de-stocking pressures and subdued raw materials. The analyst says Overweight-rated Nucor (NUE) and Reliance Steel (RS) are his favorite through-cycle investments, while ArcellorMittal's valuation vs. trough EBITDA has become "intriguing."
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