Oddo BHF has reaffirmed its 'outperform' rating on Acerinox, with a price target raised from 12.5 to 14 euros, highlighting the quality of the Spanish group's mix in a note devoted to European stainless steel producers.

'In a global sector considerably weakened by the irruption of Indonesia, we welcome the recent strengthening of customs barriers in Europe, which should have a significant impact with the recovery in demand expected in 2024', says the analyst.

At a time when the sector is at a low point, Oddo BHF believes that the time is right to reinvest in the sector, favoring Outokumpu for its attractive valuation (upgraded to 'outperform') and Acerinox ahead of Aperam.

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