26 Jan 2017 08:31
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Don't have an account? Click here to register.UBS upgrades Antofagasta after sharp share price falls
Thu, 27th Oct 2016 09:34
(ShareCast News) - UBS upgraded Antofagasta, a Chilean copper mining company, from 'sell' to 'neutral' even after the company released a weaker than expected production target for fiscal year 2017, albeit at the same time lowering the price target from 520p to 500p."After the release of weaker than expected FY17 production guidance we do not see material negative stock-specific catalysts on the horizon and believe the near-term copper price outlook is balanced," said UBS analyst Daniel Major.The expensive valuation alone is no longer enough to warrant a 'sell' rating following the shares significant underperformance in fiscal year 2016 and the lack of 'clean' copper plays.Year-to-date stock in Antofagasta fell 12% versus a 35% gain for Bloomberg´s mining index, Major pointed out.Major believed that the company faced structural changes from grade decline and ore hardness at Los Pelambres, but said the market was becoming increasingly aware of these challenges.Disappointing full-year guidance for 2017 production and capital expenditures highlights the continued structural medium-term issues that the company and the Chilean copper industry face. After incorporating new guidance, the analyst downgraded his earnings estimate for 2017 and projected negative free cash flow (FCF) for the miner.He also saw "modest" downside risk to the full-year 2016 production guidance of 710 kilotons (kt), which may be offset by slightly lower net cash costs.Copper has materially underperformed the major mined commodities in the full year 2016 with robust demand growth offset by stronger-than-expected supply growth, mostly due to fewer disruptions. Looking into 2017 supply growth is set to slow and the analysts expect demand to remain stable. Supply constraints are likely to drive deficits and higher prices in the medium-term.The Swiss broker trimmed its net present value (NPV) estimate for the company´s cash flows by approximately 5% to reflect weaker guidance.Nonetheless, for those looking for leverage to copper price upside the analyst expressed his preference for Glencore and KAZ Minerals.The share price fell 1.91% to 513p at 1047 BST on Thursday.
More News
26 Jan 2017 07:22
Kaz Minerals exceeds copper guidance with 73 percent output growth
LONDON, Jan 26 (Reuters) - Kazakhstan copper company Kaz Minerals said it had exceeded its full-year copper guidance in 2016 with 73 percent year-on-year output growth as new projects came onstream. Kaz Minerals has two new major copper projects under construction, which it describes as wor
Read more16 Jan 2017 14:50
Sector movers: Miners higher on HSBC upgrades
(ShareCast News) - Miners paced gains in the market following multiple upwards target price revisions from analysts at HSBC on LSE-listed copper miners and diversified miners. In the case of the former, the broker's analysts said they had raised their copper price forecast from 2017 onwards by betwe
Read more10 Jan 2017 14:30
Sector movers: Chinese data stokes buying in mining stocks, Kaz rockets
(ShareCast News) - Miners and grocers vied for the top slot on the leaderboard on Tuesday with brokers weighing in with positive remarks on the former while the latter group received a boost in the form of a positive trading update from Morrison. News that factory gate prices in China blew past fore
Read more10 Jan 2017 09:13
KAZ Minerals gains on Canaccord upgrade
(ShareCast News) - KAZ Minerals' shares gained on Monday after Canaccord Genuity upgraded the stock to 'buy' from 'hold' and lifted the target price to 475p from 155p. Canaccord said it expects miner to see continued production growth through 2018 after the company's third quarter result showed incr
Read more13 Dec 2016 10:55
13 Dec 2016 07:37
KAZ Minerals shores up financing with DBK and ING
(ShareCast News) - KAZ Minerals announced on Tuesday that it has reached agreement on a new $300m credit facility with the Development Bank of Kazakhstan, which is scheduled to be signed on 14 December. The FTSE 250 company said the DBK facility will finance the completion of the Aktogay project whi
Read more7 Dec 2016 08:59
Credit Suisse shifts preference to Rio Tinto from BHP Billiton
(ShareCast News) - Credit Suisse upgraded Rio Tinto to 'outperform' from 'neutral' and raised its price target to 3600p from 2750p, while simultaneously bumping down BHP Billiton to 'neutral' from 'outperform' with its price target raised to 1380p from 1300p. Looking into 2017, the bank have switche
Read more6 Dec 2016 10:18
Kaz Minerals' Aktogay mine ahead of budget, boosts share price
* Kaz Minerals share price outperforms wider market * Seen on cusp of being large-scale, low-cost producer LONDON, Dec 6 (Reuters) - Kazakhstan copper firm Kaz Minerals on Tuesday said its major new copper project at Aktogay would deliver its next phase of production early in 2017 at
Read more6 Dec 2016 07:40
KAZ Minerals begins testing and commissioning at Aktogay
(ShareCast News) - KAZ Minerals announced on Tuesday that the testing and commissioning of the main Aktogay sulphide concentrator had commenced. The FTSE 250 company said production of saleable copper concentrate from sulphide ore is expected by the end of the first quarter of 2017. Production guid
Read more5 Dec 2016 15:30
FTSE 250 movers: Oil stocks gush ahead while Cranswick loses out
(ShareCast News) - The FTSE 250 index rose 0.13% to 17,457.33 in the late afternoon. Oil prices continued their steady advance following OPEC's decision to cut its production by 1.2m barrels a day, propping up shares in Tullow Oil, Vedanta Resources (VR) and Petrofac on Monday. Goldman Sachs maintai
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