ArcelorMittal +8% on J.P. Morgan upgrade, becomes preferred steel pick
Oct 9 2015, 08:08 ET | About: ArcelorMittal (MT) | By: Carl Surran, SA News Editor [Contact this editor with comments or a news tip]
ArcelorMittal (NYSE:MT) +8.3% premarket after J.P. Morgan upgrades shares to Overweight from Neutral on valuation as well as expected higher steel prices in Q4 as trade cases take effect.
JPM says MT is now its preferred steel pick, as the company stands to benefit more from U.S. trade protections.
Despite cutting its FY 2016 earnings estimates for MT, the firm still sees cause for optimism from current levels as demand seasonally improves during October and November.
this stock is know to surprise based on past performance-the goal is for lg to undo the damage get debt down keep the company stable and of course growth -takes time and patience-i know i have no choice but to wait it out gl longs