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(Sharecast News) - JPMorgan Cazenove downgraded its stance on shares of iron ore company Ferrexpo to 'underweight' from 'neutral' on Wednesday following the recent rise in the share price, as it took a look at the metals and mining sector.
JPM, which lifted its price target on the stock to 150p from 130p, pointed to valuation and the risk of lower iron ore prices in the second half and 2021 following an 80% jump in the share price since March.
The bank said it remains most bullish on gold and its top EMEA picks are overweight-rated Polymetal, Polyus and Gold Fields.
It lifted its price target for Glencore to 200p from 180p but maintained its 'underweight' stance due to its perception of higher operating and regulatory risks.
JPM also boosted its price target on overweight-rated BHP to 1,950p from 1,830p, and on neutral-rated Rio Tinto to 5,440p from 5,140p, citing higher iron ore and base metals prices.
However, it cut the price target on overweight-rates Anglo American to 2,600p from 2,650p due to weakness in coal, diamonds and supply risks in South Africa and South America.
25 Sep 2023 17:04
LONDON MARKET CLOSE: FTSE 100 down amid China worries
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