$MT

Stelco Holdings laid off 175 employees, part of a plan to cut up to 500 workers in Canada. The company blames U.S. tariffs, but industry shifts and automation also contribute. Cleveland-Cliffs, Stelco's owner, reduced its workforce by 5,000. Algoma Steel and ArcelorMittal also cut jobs. Stelco's president cites foreign imports as a challenge, while analysts note U.S. production is rising despite demand shrinkage.

UBS raised its price target on Magnolia Oil & Gas to $35 from $34, maintaining a Buy rating. The stock is currently trading at $24.66, up 12.79% year-to-date. Scotiabank also initiated coverage with a Sector Perform rating.

JPMorgan upgraded ArcelorMittal (MT) to Overweight, raising its price target to EUR70.00. The firm expects accelerated earnings growth, with EBITDA reaching $11.1B in 2027. MT's stock is up 38% YTD, trading at $62.49. Recent Q2 earnings missed estimates, but UBS also upgraded MT to Buy with a EUR71.00 target.

JPMorgan raised its price target for Mettler-Toledo International to $1,550 from $1,400. The stock is currently trading at $1,598.03. Morgan Stanley also increased its target to $1,575 from $1,450.

JPMorgan raised its price target for Marathon Petroleum from $323 to $448. Jefferies also increased its target to $433 from $413. Marathon's stock is currently trading at $458.81, up 0.83%.

UBS analyst Andrew Jones CFA rated ArcelorMittal (0RP9) Buy with a €71.00 price target. Deutsche Bank also gave a Buy rating, while Goldman Sachs maintained Hold. The stock has a €41.34B market cap and P/E ratio of 25.45. Insider sentiment is negative, with increased selling.

UBS upgraded European steelmakers Salzgitter, ArcelorMittal, and voestalpine to 'buy', maintaining its 'buy' rating on SSAB, citing EU import quotas tightening supply. Price targets set: €71 for ArcelorMittal, €71 for Salzgitter, €64 for voestalpine, and 120 SEK for SSAB. UBS expects EU hot-rolled coil prices to rise, forecasting €820/tonne in 2027 and €805/tonne in 2028. Third-quarter earnings are expected to be weak due to seasonal demand and higher energy costs.

ArcelorMittal's stock rose 4.3% to €56.54 after UBS upgraded it to Buy with a price target of €71, citing expected EU steel price increases. The company's EBITDA and cash flow could improve with higher steel prices. Operations resumed at a German plant, and the broader market showed signs of stabilization. The AEX index opened higher, with ArcelorMittal among the top gainers.

ArcelorMittal SA (MT) shares dropped 4.4% to $62.32 on October 7, 2026. The stock's GF Value™ of $28.74 suggests it is 116.8% overvalued. MT's GF Score™ is 69/100, with strengths in profitability but weaknesses in valuation. Institutional activity is mixed, and there have been no insider transactions in the past year.

Several brokers adjusted price targets for various European companies. Schneider Electric's median target is 345 euros, Legrand's 168 euros, and TotalEnergies' 88 euros. Other notable changes include Kering's targets being cut by three brokers and UBS downgrading Hermès to 'sell'. Analysts also revised targets for companies like Air Liquide, EssilorLuxottica, and LVMH. These updates may impact investor sentiment and trading strategies.