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Berenberg has upgraded Petra Diamonds (PDL) as it believes the worst is over for the miner.
Analyst Richard Hatch upgraded his recommendation from ‘hold’ to ‘buy’ and increased the target price from 23p to 25p as he believes the ‘worst is largely over for Petra and, with the free cashflow inflection beginning to occur, we think the shares will rerate in line as more stable operational and financial performance comes through’.