** Shares in ArcelorMittal MT.LU are up 4.8% after the world's second-largest steelmaker reported Q3 EBITDA above consensus and reiterated capex and FCF targets for 2024

** Q3 EBITDA falls 15% to $1.58 billion, but beats consensus estimate of $1.49 billion

** Capital expenditures are expected to remain within the announced $4.5-5.0 billion range in 2024

** The company also guided for a FCF greater than $1 billion, which J.P.Morgan describes as "reassuring"

** Both Jefferies and JPM point to the EBITDA beat and FCF expectations in a challenging market as positive points

** "We expect low single digit percentage upgrades to 2024E EBITDA due to the Q3 beat, and we expect a similarly modest share price reaction but very high China steel exports remain a depressive force on European Steel prices," JPM adds

** If gains hold, the shares will see their best day since December 2023

(Reporting by Anna Peverieri)

((Anna.peverieri@thomsonreuters.com))