Citi cuts South32 valuation on aluminium, nickel, zinc weakness
Tom Richardson
Broker Citi has cut its valuation on South32 and warned that aluminium, nickel and zinc prices are down 10 per cent, 12 per cent and 19 per cent respectively over the past three months.
“We downgrade earnings on lower metal and coal prices and lower our TP [target price] to $4.35,” Citi said.
The broker still rates South32 a buy. The stock closed at $3.81 on Tuesday
S32 Price at posting:
$3.81 Sentiment: Hold Disclosure: Held
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