ArcelorMittal's Low Valuation Offers Significant Upside, Despite European Market Woes, Says Deutsche Bank

Deutsche Bank analyst Bastian Synagowitz upgraded Arcelor Mittal NY MT to Buy from Hold and raised the price target from $29 to$31.Per the analyst, 75% of Arcelor Mittal’s steel earnings are tied into attractive markets that trade at a premium to the company.Despite this, valuation multiples of 3-4x EV/EBITDA are (wrongly) held hostage by the European business (literally priced at zero), the analyst writes.Synagowitz writes, weaker developed markets and a slowing Chinese sector have led to a significant co ...