Brokers Turns More Bullish on Sandfire Resources

Dow Jones08:37

0037 GMT - Sandfire Resources enjoys a string of upgrades from analysts citing recent share-price weakness and reaffirmed corporate guidance. Sandfire's stock dropped by roughly 20% since late August amid broader market weakness and "is trading at a more attractive valuation than it has for some time," says UBS. It upgrades its rating to buy from neutral and lifts its share-price target to A$23.35 from A$23.30. Morgans, which upgrades to buy from hold and reiterates a A$23.00/share target, says that while Sandfire's 1Q result was softer than expectations, it was overall in line with guidance. "Recent copper sector weakness offers an opportunity to buy," says the broker. Jefferies and Jarden also upgrade their ratings. Sandfire is up 4.7% at A$20.55.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment