ArcelorMittal Shares Jump 6.36% Despite JP Morgan's Shock Downgrade

JP Morgan Revises Outlook, Downgrades ArcelorMittal

As ArcelorMittal SA's stock rebounds strongly during the session, American bank JP Morgan revised its opinion on the stock on March 9, shifting from an 'overweight' recommendation to 'underweight'. The target price was reduced from 53.50 euros to 40.00 euros, representing a potential downside of about 18% from the current price of 48.97 euros. This 180-degree turn is a significant signal for investors following the steel industry stock. Despite this downgrade, the stock has shown remarkable performance over the past year, with a gain of more than 60%, and has risen nearly 31% over the last three months. The first quarter 2026 results, expected on April 30, will provide new insights into the trajectory of the Luxembourg-based group.

Recovery Trend in European Markets

Today's rise is part of a recovery movement in European markets: the CAC 40 is up 2.31% at 8,098.45 points during the session, while the DAX has gained 2.22% at 23,929.28 points. In Asia, the Nikkei 225 ended the day with a jump of 2.88%. Technically, ArcelorMittal's stock is currently trading above its 50-day moving average, which stands at 47.31 euros, after briefly testing it during the recent correction. The RSI, at 34, indicates a zone close to overselling, which partly explains the extent of the rebound observed this Tuesday. The support identified at 45.61 euros acted as a floor during last week's decline, while resistance is significantly higher, at 56.92 euros. The environment continues to be marked by high volatility, as evidenced by a VIX measured at 29.49 at its last close on March 6, up more than 24% from the previous session.