(News Bulletin 247) – Oddo BHF downgrades its opinion on Anglo American to ‘underperformance’, explaining that its new price target, drastically reduced from 4,300 to 2,400 pence, leaves no more upside potential at the current price.
While it finds Anglo American’s commodity mix attractive in the longer term, the research firm believes downside risk dominates in the near term, with first-half EBITDA it expects well below current market expectations.
In this context, Oddo BHF prefers to stay away from the mining company, and ‘would wait for more clarity on the objectives during the publication of the results for the first half to revisit the file’.
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