Cowen & Co. Reaffirms Their Hold Rating on ArcelorMittal

Cowen & Co. analyst Novid Rassouli reiterated a Hold rating on ArcelorMittal (NYSE: MT) today and set a price target of $38. The company’s shares closed yesterday at $36.30, close to its 52-week high of $37.50.

According to TipRanks.com, Rassouli is a 4-star analyst with an average return of 10.2% and a 74.3% success rate. Rassouli covers the Basic Materials sector, focusing on stocks such as Kaiser Aluminum Corp, United States Steel, and AK Steel Holding.

ArcelorMittal has an analyst consensus of Moderate Buy, with a price target consensus of $38.

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Based on ArcelorMittal’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $1.09 billion. In comparison, last year the company had a net profit of $978 million.

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ArcelorMittal SA is a holding company, which engages in steelmaking and mining activities. It operates through the following business segments: NAFTA, Europe, Brazil, ACIS, Mining, and Others. The NAFTA segment consists of flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.