In a hole
Another stock that took a hit from a broker downgrade was the South32 Ltd (ASX: S32) share price.
The stock lost 4.4% to $2.19 after Macquarie Group Ltd (ASX: MQG) lowed its rating on the miner to “underperform” from “neutral”.
The broker believes the downside risks to South32 is intensifying with most of its key commodities trading under Macquarie’s forecasts.
Earnings disappointment to come?
“The downside risk is headlined by hard coking coal which is trading 26% and 33% below our FY21 and FY22 estimates, respectively,” said the broker.
“Most other commodities and operating currencies are also trading well below our forecasts. Only manganese offers material upside risks to our FY21 assumptions.”
Macquarie’s 12-month price target on South32 is $1.90 a share.
$2 thread, page-89
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Last
$3.66 |
Change
-0.050(1.35%) |
Mkt cap ! $16.57B | |||
| Open | High | Low | Value | Volume |
| $3.73 | $3.73 | $3.60 | $56.87M | 15.57M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 348810 | $3.65 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.66 | 22679 | 3 |
View Market Depth
| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| S32 (ASX) Chart |