UBS upgrades ArcelorMittal stock to Buy at EUR 71.00

Published on 10/13/2026 at 09:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

UBS set a Buy rating and EUR 71.00 target from EUR 61.00. ArcelorMittal stock costs EUR 57.26 on October 13, 2026 versus the target.

UBS upgraded ArcelorMittal from Neutral to Buy and lifted its price target from EUR 61.00 to EUR 71.00 on October 9, 2026.
Second-quarter 2026 revenue reached USD 16.76 billion versus USD 17.56 billion expected.
ArcelorMittal stock was trading at EUR 57.26 at Lang & Schwarz on October 13, 2026 at 9:46 a.m. CEST.
The company reported second-quarter 2026 EBITDA of USD 2.10 billion, according to the earnings call transcript.

Aquarellmalerei der Luxemburger Altstadt mit Türmen und grünem Tal — ArcelorMittal S.A. (LU1598757687) hat seinen Firmensitz in Luxemburg, hier zart als Aquarell-Stadtansicht dargestellt, Illustration mit AI erstellt.

ArcelorMittal (ISIN LU1598757687) stock was upgraded by UBS from Neutral to Buy, with its target raised from EUR 61.00 to EUR 71.00 on October 9, 2026, as Markets Insider reported. The new target is 24.00 percent above the Lang & Schwarz price of EUR 57.26 on October 13, 2026. The upgrade puts European steel pricing and supply conditions at the center of the current investment case.

Three events shape the stock

On July 30, 2026, ArcelorMittal reported second-quarter revenue of USD 16.76 billion against USD 17.56 billion expected, while adjusted earnings per share came in at USD 0.90 versus USD 1.18 consensus, according to MarketBeat. On September 25, 2026, the company said it could not safely restart its Kryvyi Rih operation after missile strikes and disclosed a planned non-cash impairment charge of USD 1.00 billion, as FinanzNachrichten carried the release. The October 9 UBS upgrade is the latest of the three dated developments.

What does the upgrade change?

The valuation argument rests on operating leverage rather than a clean earnings beat. The company generated USD 2.10 billion of EBITDA in the second quarter of 2026, and the earnings call transcript described a USD 155 per ton margin, including USD 98 per ton in Europe, according to Yahoo Finance.

That combination explains why the UBS target increased by EUR 10.00 even though the latest quarterly revenue missed consensus by USD 0.80 billion. For investors, the key tension is clear: higher steel prices and tighter imports can improve margins, while weaker earnings against expectations keep execution risk visible.

Stock price and investor reference

ArcelorMittal was trading at EUR 57.26 at Lang & Schwarz on October 13, 2026 at 9:46 a.m. CEST. The primary listing is Euronext Amsterdam, while the finance quote showed a market capitalization of USD 47.9 billion and a 52-week range of USD 36.70 to USD 79.68 as of October 12, 2026.

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