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(Sharecast News) - JPMorgan Cazenove downgraded its stance on shares of iron ore company Ferrexpo to 'underweight' from 'neutral' on Wednesday following the recent rise in the share price, as it took a look at the metals and mining sector.
JPM, which lifted its price target on the stock to 150p from 130p, pointed to valuation and the risk of lower iron ore prices in the second half and 2021 following an 80% jump in the share price since March.
The bank said it remains most bullish on gold and its top EMEA picks are overweight-rated Polymetal, Polyus and Gold Fields.
It lifted its price target for Glencore to 200p from 180p but maintained its 'underweight' stance due to its perception of higher operating and regulatory risks.
JPM also boosted its price target on overweight-rated BHP to 1,950p from 1,830p, and on neutral-rated Rio Tinto to 5,440p from 5,140p, citing higher iron ore and base metals prices.
However, it cut the price target on overweight-rates Anglo American to 2,600p from 2,650p due to weakness in coal, diamonds and supply risks in South Africa and South America.
19 Jan 2024 06:50
IN BRIEF: Marula Mining issues shares for new licenses in Tanzania
Marula Mining PLC - battery metals mine developer with projects in South Africa, Tanzania and Zambia - Nyorinyori and NyoriGreen graphite projects in Tanzania, east Africa, are granted seven new mining licenses. Takela Mining Tanzania Ltd and NyoriGreen Mining Ltd had applied for the licenses last month. They run for seven years, and Marula has a 75% commercial interest. Marula pays TMT and NML USD25,000 per license from the issue of 1.1 million new Marula shares in total at a price of 13.5 pence.
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