We stick to our BUY and €32 per share target price as we update our model to reflect lower base prices for 2025F and the recent acquisition of Universal Stainless. Our BUY is supported by Aperam's limited direct exposure to the US tariff noise while offering (1) a more resilient earnings profile due to recent diversification towards higher value segments, (2) strong cyclical optionality in case of a European recovery, (3) benign tailwinds in the form of EU trade action against unfair imports, al...
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