Aperam S.A. shares fell more than 3% following a Morgan Stanley downgrade to equal-weight from overweight.
The bank increased its price target for the stainless steel producer to €52. This target is up from the previous €48 level.
Analysts stated the recent stock re-rating creates a less asymmetric risk-reward profile. While Europe’s stainless steel structural reset continues, momentum in prices and spreads has paused.
Morgan Stanley believes the initial recovery phase is now largely reflected in the company’s valuation. The brokerage set a 2026 earnings per share forecast of €2.20 for Aperam.