Broader Analyst Sentiment Bullish on ArcelorMittal (MT) Despite Recent Downgrade

ArcelorMittal S.A. (NYSE:MT) earns a place on our list of the 8 best nickel stocks to buy according to analysts.

A photo of Vizsla Silver’s mining site. Photo from Vizsla Silver website

With 55% of covering analysts bullish and 28.38% upside based on the $63.70 consensus price target, analyst sentiment remains broadly bullish on ArcelorMittal S.A. (NYSE:MT) as of March 28, 2026. However, the recent discussion surrounding the company has focused more on whether macro and regional issues could limit gains than on value.

When JPMorgan analyst Dominic O’Kane reduced ArcelorMittal S.A. (NYSE:MT) from “Overweight” to “Underweight” on March 9, 2026, and lowered the price target from EUR 53.50 to EUR 40, that caution was most visible.

The investment bank adopted a more pessimistic base case for copper and iron ore, claiming that Middle East developments presented risks that were not sufficiently reflected in European metals and mining equities.

KeyBanc later started coverage on the stock with a “Sector Weight” rating on March 25, 2026. Stronger pricing in North America and Brazil, partially offset by higher mining freight costs and a more challenging European cost backdrop, led the investment bank to increase its 2026 EBITDA projection from $8.65 billion to $8.66 billion. Meanwhile, management expects $4.50 billion to $5.00 billion in capital expenditures in 2026.

ArcelorMittal S.A. (NYSE:MT) is an integrated steel and mining business with operations in the United States, Europe, and across the world. The company uses zinc, tin, and aluminum as base metals for coating, nickel for making stainless or special steels, and aluminum for deoxidizing liquid steel.

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