JPMorgan raises target for ArcelorMittal stock to EUR 70.00

Published on 10/20/2026 at 10:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan cited a 17.00 percent decline since September. ArcelorMittal stock costs EUR 55.62 on October 20, 2026, below EUR 70.00.

Analyst upgrade and earnings path

JPMorgan changed its rating and target on October 15, 2026.
Dominic O'Kane forecast 37.00 percent and 47.00 percent EBITDA growth for 2027 and 2028.
ArcelorMittal stock traded at EUR 55.62 at 10:06 a.m. CEST on October 20, 2026.

Trading-Floor mit Bildschirmen und Stahl-Kursdiagrammen in Luxemburg — ArcelorMittal S.A. (LU1598757687) notiert an der Börse Luxemburg, dieses Editorial-Bild zeigt einen Handelsraum mit Stahl-Charts, Illustration mit AI erstellt.

ArcelorMittal (ISIN LU1598757687) was trading at EUR 55.62 at Lang & Schwarz on October 20, 2026 at 10:06 a.m. CEST. On October 15, 2026, JPMorgan upgraded the steelmaker to Overweight from Neutral and raised its price target from EUR 57.00 to EUR 70.00, according to BÖRSE ONLINE.

JPMorgan sees a lower bar

The upgrade followed a pullback that JPMorgan viewed as an attractive entry point ahead of higher steel prices and stronger earnings in the fourth quarter and 2027. The source said the bank saw limited scope for positive earnings surprises in the upcoming European steel results, making the target change a valuation call rather than a near-term earnings upgrade.

The recommendation change also sets a clear reference point for the current euro quote. The EUR 70.00 target is EUR 14.38 above the Lang & Schwarz price of EUR 55.62, a gap of 25.85 percent calculated against the current price. That comparison is directional context, not a forecast by this article.

What does the earnings path show?

Markets Insider reported that JPMorgan analyst Dominic O'Kane expected ArcelorMittal's earnings growth to accelerate in the fourth quarter, followed by EBITDA growth of 37.00 percent in 2027 and 47.00 percent in 2028, in a research note carried by Markets Insider. The report also identified valuation and recent underperformance as the basis for the upgrade.

For investors, the tension is straightforward. The target increase points to a recovery case, while the caution on upcoming results leaves execution, costs and North American operations as the immediate tests. ArcelorMittal's global steel platform gives the thesis several regional earnings levers, but the cited forecast depends on improvement beyond the next quarterly report.

Price holds the immediate signal

The current quote puts the stock below JPMorgan's revised target while keeping the analyst event as the central market reference for October 20, 2026. No daily percentage is stated here because the dated Xetra closing value required for that comparison was not established.

The further course of trading is shown by the continuously updated real-time quote of ArcelorMittal stock.