A Few More Mining Bears Emerge After Iron Ore Price Fall -- Market Talk

Dow Jones09-23

0639 GMT - More sell ratings have been slapped on diversified major miners by sell-side analysts over the past three months as iron-ore prices have weakened, Citi analyst Ephrem Ravi says in a note. While the Street remains in favor of buy ratings on the stocks of BHP, Rio Tinto, Glencore, Anglo American and Vale, 6% of ratings are now sell, up from 2% in July, Ravi says. "This increase in sell-side caution seems primarily due to lower commodity prices, in particular iron ore prices, which have been a major earnings driver for the big diversified miners," he says. The sell side appears to be more positive on Rio, Glencore and Vale versus BHP and Anglo, he adds.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

September 23, 2024 02:39 ET (06:39 GMT)

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While the Street remains in favor of buy ratings on the stocks of BHP, Rio Tinto, Glencore, Anglo American and Vale, 6% of ratings are now sell, up from 2% in July, Ravi says. \"This increase in sell-side caution seems primarily due to lower commodity prices, in particular iron ore prices, which have been a major earnings driver for the big diversified miners,\" he says. 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