UBS upgrade13 Aug 2013 19:13
Tue 13 Aug 2013The share price of precious metals miner Fresnillo continued to rebound strongly on Tuesday following recent falls, with UBS providing a boost after initiating coverage of the stock with a 'buy' rating and 1,250p target price.
UBS said: "Fresnillo is one of the world's lowest-cost primary silver producers, and we believe it will generate sustainable free cash flow even in a lower commodity price environment. We expect low-risk, high-return volume growth to drive an earnings recovery from 2013, and see attractive long-term growth optionality