KeyBanc has raised its target price by $ 1 on ArcelorMittal (NYSE:MT) to $ 15.00 from the previous mark of $ 14.00, suggesting the upside potential of more than 18.39 percent from the existing levels. However, the brokerage has maintained its Overweight rating on the stock, Benzinga reported.
Shares of ArcelorMittal traded up $ 0.07 or 0.51 percent on Monday, reaching $ 12.74 with volume of 2.35 million shares. The stock opened positive for the day at $ 13.07, after closing the previous day trading at $ 12.67. According to the previous trading day, closing price of $ 12.67, representing a 90.81 % increase from the 52 week low of $ 6.64 and a 32.93 % decrease over the 52 week high of $ 18.89.
With respect to the key metrics, ArcelorMittal stock has advanced $ 1.73 or 16.00 percent, reaching $ 11.01 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 0.98 or 8.00 percent, before arriving at $ 11.75 during the SMA50-day period.
ArcelorMittal recently reported second quarter financial results on July 30, 2020, before market open, the Luxembourg City based company disclosed loss for the second quarter of $ 0.50 per share, from the revenue of $ 10,976.00 million. The quarterly revenues shrunk 44.09 percent compared with the same quarter last year. According to street consensus, MT was expected to report 2Q20 loss of $ 0.50 per share from revenue of $ 10647.70 million. The top line results outshined analysts by $ 328.30 million or 3.08 percent.
Moving ahead, the analysts surveyed by Thomson Reuters are predicting, ArcelorMittal to report 3Q20 loss of $ 0.39 per share from revenue of $ 11416.00 million. For the full year, analysts anticipate top line of $ 51383.90 million, while looking forward to loss of $ 1.54 per share bottom line.
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.
