ASX upgrades and downgrades: Santos, Oz Minerals and Sandfire Resources
Credit Suisse slashed its price targets for several large cap copper miners
Source: iStock
Mentioned
KEY POINTS
- Citi is bullish on Santos and gas prices
- Credit Suisse downgrades several copper miners to reflect weak spot prices and oversupply
Market Index provides daily updates for the latest broker upgrades and downgrades for S&P/ASX 200 companies.
Upgrades
Credit Suisse upgraded to Neutral from Underperform - $2.50 target price (from $2.70)
Rating upgraded but a challenging quarter is expected for gold and copper miners as spot prices decline, margins squeezed
Citi upgraded to Buy from Neutral - $8.60 target price
Gas prices remain elevated, profit forecasts upgraded for FY22-23
Downgrades
Credit Suisse downgraded all the major copper players to reflect the recent decline in copper spot prices and industry-wide cost inflation. The investment bank believes the copper market is oversupplied and expects prices to return to pre-covid levels.
Credit Suisse downgraded to Underperform from Neutral - $1.15 target price (from $2.85)
Golden Grove project at risk of a production downgrade
Credit Suisse downgraded to Underperform from Neutral - $13.00 target price (from $20.00)
At greater operating risk compared to other copper miners, expects costs and capex to increase in FY22 earnings
Credit Suisse downgraded to Underperform from Neutral - $2.70 target price (from $6.10)
Increasing concerns about cashflows and ability to meet debt obligations as copper prices decline
