J.P. Morgan bullish on stainless steel pricing recovery in Europe
J.P. Morgan upgraded Aperam and Outokumpu to overweight, citing a July 1 EU stainless import quota reduction of 55-65% and projecting 2027 EBITDA of €757m and €571m. It set price targets of €57 for Aperam and €6.50 for Outokumpu. It also moved Acerinox to neutral, noting its €16.10 Dec 2027 target after a ~50% YTD rally.


