Arcelor Mittal (NYSE:MT) was added to the European Conviction Buy List by Goldman Sachs (NYSE:GS), with Goldman saying the ongoing fears related to the sovereign debt crisis in Europe is the major cause of their recent decline.
The shares of Arcelor are down over 28 percent in the last 30 days, against the 12 percent drop in FTSE World Europe.
In the mid-term, Goldman sees Arcelor's fundamentals as remaining strong, and they're in good position to experience future growth "across a wide geographic footprint."
The price target is EUR 48, which is over double the EUR 23.15 it closed at on Wednesday.
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