South32's Portfolio Improving, But Stock Has Probably Gained Enough -- Market Talk

Dow Jones10-21

0431 GMT - Shares in South32 are unlikely to add to a nearly 20% gain since the start of last month, according to Jefferies analyst Mitch Ryan. "Despite the company continuing to evolve and streamline its asset portfolio towards commodities critical for a low-carbon future during the quarter, we do not see material upside to the current share price," he says in a note. Ryan says the company's 1Q production result is largely in line with what Jefferies expected, although missed on cash generation due to a working capital build in its aluminum business. He reiterates an underperform rating and A$3.25 target on South32, which is down 0.1% at A$3.695. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

October 21, 2024 00:31 ET (04:31 GMT)

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