Morgan Stanley | Alain Gabriel (analyst) reiterates his Overweight view on his Top Pick ArcelorMittal following Q1 2026 results, with management characterising the Q2 2026 outlook as one of improving prices, recovering volumes and greater operational flexibility across all divisions. He highlights Europe as the main driver of earnings acceleration towards H2 2026, as shipments increase, and notes that the positive FCF guidance remains in place, with scope to resume buybacks before the end of the year if earnings and cash visibility improves.
Target price of €54.30 per share.
