ArcelorMittal offers significant upside potential - DB ups to 'buy'
** Deutsche Bank raises ArcelorMittal MT.AS to "buy" from "hold", citing significant upside potential as the risks are "better understood" at the stock's current levels
** ArcelorMittal shares edge up 1.3% and sit among top performers within French .FCHI and Dutch .AEX blue-chip indices
** "Valuation multiples of 3-4x EV/EBITDA are (wrongly) held hostage by the European business," DB adds, pointing out a growth pipeline in businesses with high multiples
** "A weak cycle has forced bulls into a reality check on ArcelorMittal, and we expect a tough H2," DB says but adds that 75% of its steel earnings are tied into attractive markets that trade at a premium to its stock
** ArcelorMittal shares have lost about 19% YTD, and at 21.07 euros trade about 21.8% off their highest price this year of 26.95 euros
** Out of 17 analysts covering ArcelorMittal, 11 rate the stock "strong buy"/"buy, "five "hold", and one "sell"
Reporting by Leo Marchandon
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