5 Dec 2016 09:33
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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
15 Nov 2016 16:40
London close: Tesco paces gains as sales accelerate
(ShareCast News) - Stocks in London finished higher as the pound slid back against the dollar after data showed consumer prices unexpectedly dropped in October. The FTSE 100 was up 0.59% to 6,792.74, while the pound was down 0.8% against the greenback at 1.2402 after data from the Office for Nationa
Read more15 Nov 2016 16:39
Sector movers: Grocers gain on survey data, miners fall amid profit-taking
(ShareCast News) - Food and drug retailers paced gains on the market, with Tesco leading the way a day before its Capital Markets Day. Sales at the grocer continued to accelerate, rising by 2.2% over the 12 weeks to 6 November, their best showing in three years, according to Kantar Worldpanel. "Muc
Read more15 Nov 2016 16:00
FTSE 250 movers: Oil services stocks bounce, Kaz knocked off high
(ShareCast News) - The FTSE 250 index was on the up again on Tuesday, rising almost 0.5% to over 17,550 by mid-afternoon as oil-related stocks inflated on hopes of more oil price gains. Oil service companies Petrofac and Wood Group were among the top risers, with engineer Amec Foster Wheeler a
Read more15 Nov 2016 12:15
Macquarie raises copper price forecasts, boosts target prices for miners
(ShareCast News) - Analysts at Macquarie hiked their target prices for a raft of miners due to the "acute" sensitivity of the pure copper plays and the majors to the price of that metal. In a previous note, published on 11 November, the Australian broker had upped its 2017 to 2020 price forecasts fo
Read more10 Nov 2016 11:59
BUZZ-Antofagasta: best day in 8 yrs on copper jump
** Antofagasta leaps 20%, poised for its biggest one-day rise since Nov 2008, after copper surges more than 5% to a 16-month high on Thursday ** Copper spikes on speculation US infrastructure spend could jump under a Republican administration (sparks wave of interest in industrial metals);
Read more7 Nov 2016 15:50
Sector movers: Steel and mining stocks rise as futures surge
(ShareCast News) - Steel and mining stocks paced gains as key commodity futures surged at the start of the week. On 4 November, the local government of China's largest steel city, Tangshan, issued an urgent notice ordering all coking and sintering plants, together with blast furnaces, to halt produc
Read more2 Nov 2016 15:24
Broker tips: Kaz Minerals, CRH, EasyJet, Ryanair
(ShareCast News) - Peel Hunt downgraded Kaz Minerals to 'hold' from 'add' after its third-quarter production report but upped the price target to 275p from 200p as it took a look at the copper sector. It noted the shares are up 30% in the last month and 180% in the year to date. "While Kaz Minerals
Read more2 Nov 2016 10:51
Peel Hunt downgrades Kaz Minerals to 'hold'
(ShareCast News) - Peel Hunt downgraded Kaz Minerals to 'hold' from 'add' after its third-quarter production report but upped the price target to 275p from 200p as it took a look at the copper sector. It noted the shares are up 30% in the last month and 180% in the year to date. "While Kaz Minerals
Read more27 Oct 2016 09:57
KAZ Minerals posts rise in Q3 copper production
(ShareCast News) - Kaz Minerals reported a rise in copper cathode equivalent output for the third quarter thanks to stronger production in the East Region, Bozymchak and Aktogay. The company produced copper cathode equivalent of 44,500 tonnes, up from 33,100 tonnes in the second quarter and 21,700
Read more27 Oct 2016 08:57
UPDATE 1-Kaz Minerals' 9-month copper output jumps 66 pct on expanded mines
(Adds detail, shares) LONDON, Oct 27 (Reuters) - Kaz Minerals reported a 66 percent jump in production between January and September on Thursday as two of its main mines raised output, sending shares in the Kazakhstan copper firm to a two-year high. Kaz produced 97,100 tonnes of coppe
Read more27 Oct 2016 06:44
Kaz Minerals' copper output jumps 66 pct in first nine months of year
LONDON, Oct 27 (Reuters) - Kazakhstan copper firm Kaz Minerals reported a 66 percent jump in production in January-September as two of its main mines expanded output. Kaz produced 97,100 tonnes of copper cathode in the nine-month period, compared with 58,400 tonnes in the same period a year
Read more