ArcelorMittal Stock Rebounds and Ranks Among the Best in the CAC 40
The Luxembourg-based steelmaker has erased some of its previous day's decline and now ranks among the best-performing stocks in the Paris index. Two successive target price upgrades by brokerage houses have bolstered the rebound, in an overall hesitant Paris market.
Oddo BHF and Deutsche Bank Raise Their Price Targets Over Two Days
Two consecutive analyst opinions support the stock. Oddo BHF raised its target from €65 to €70 on July 8, maintaining an overweight rating, which represents a potential of about 27% compared to the current price. The day before, Deutsche Bank had increased its target from €57 to €61 with a buy rating. These adjustments follow a 95% rally in the stock over a year, one of the most significant in the CAC 40. They come as the Luxembourg-based group had lost about 3% the previous day in a market weighed down by tensions in the Middle East. Analysts' opinions remain generally constructive on the stock.
A Technical Rebound That Brings the Stock Back to Its Short-Term Moving Averages
At €54.90 during the session, the price remains slightly below its MM20 (€55.73, a gap of -1.49%) and MM50 (€55.44, a gap of -0.97%), two thresholds the stock is trying to reclaim after a month of consolidation (-6.5% over thirty days). The gap with the MM200 (€45.39) remains significant, at nearly 21%, indicating the magnitude of the underlying bullish trend. The RSI at 46 is in a neutral zone and leaves room for a recovery without an overbought configuration. The identified support at €51.50 was not tested during the recent decline, while the resistance at €62.14 remains distant. The stock is operating in a context of a Brent crude surge (+5.7% in session to $76.09), a factor that could increase the logistical costs of the sector. The next concrete appointment for the stock: the publication of the semi-annual results expected at the end of the month.
