BofA Securities Reiterates Buy Rating on Arcelor Mittal (MT)

BofA Securities analyst Patrick Mann reiterated a Buy rating and $31.90 price target on Arcelor Mittal (NYSE: MT)

The analyst comments "ArcelorMittal (MT) announced a new share buyback program (following the completion of the prior 2023-2025 program on 2 April 2025). We view this as a continuation of the existing capital return policy (min. 50% free cash flow (FCF) less dividend), but we note that the “structure” (using “tranches”, longer dated) is a little different. The 1st tranche (10mn shares) was announced today. We do not view the 10mn as comparable to the 85mn shares per the prior 2023-2025 program (detail below, but note MT is seeking authorisation at the upcoming AGM to buy back up to 10% / c.85.3mn (same as before)). While we would expect a slower rate of buyback vs. last 5 years (on FCF outlook), the buyback is still a powerful tool to return value to shareholders, in our view. We like MT’s balanced focus on growth and capital returns, at an attractive valuation, Buy."

For an analyst ratings summary and ratings history on Arcelor Mittal click here. For more ratings news on Arcelor Mittal click here.

Shares of Arcelor Mittal closed at $24.74 yesterday.

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