Arcelor Mittal (MT) was upgraded from “hold” to “buy” by Deutsche Bank this morning, according to Bloomberg. The move comes a day after the world’s largest steelmaker raised base prices for flat-carbon steel products in Europe by $59 a metric ton, bringing minimum prices on hot-rolled coil to nearly $900 a ton. Analyst David Martin at Deutsche Bank stated concerns of margin pressure in key markets were eased due to these price initiatives and believes the company will likely outperform its peers in 2008.
From the Bull Pen: Those wishing to play the upside in MT can set sell-stops below the 50 DMA ($72.50). Other steel plays include U.S. Steel ( X ) and AK Steel ( AKS ) sell-stops below $103 and $45 respectively.
Minyanville Staff Feb 22, 2008 9:15 am
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