BUZZ-BofA turns positive on European mining equipment on large copper projects
Sandstorm Gold SAND | 0.00 | |
Bank of America Corp BAC | 0.00 | |
Flowserve Corporation FLS | 0.00 |
** BofA Global Research turns incrementally positive on the European mining equipment sector, citing the imminent start of large copper final investment decisions
** The broker expects downstream orders to "soon mirror upstream strength given usual 1-3 quarter lag" as processing equipment is purchased later
** BofA double upgrades Swedish manufacturer Epiroc EPIRa.ST to "buy" from "underperform", naming it a "copper winner" and the primary beneficiary of large orders due to its surface drilling leadership
** It also lifts Danish peer FLSmidth FLS.CO to "buy" from "neutral", citing the company's underappreciated quality and significant recent margin expansion
** BofA reiterates "buy" on Weir WEIR.L, calling it an "attractive buying opportunity" at a discounted valuation with the highest margins and aftermarket exposure among peers
** The broker stays "neutral" on Sandvik SAND.ST as tungsten volatility hampers margin visibility, and on Metso METSO.HE over valuation concerns
COMPANY |
NEW RATING |
OLD RATING |
NEW PT |
OLD PT |
|---|---|---|---|---|
Epiroc |
buy |
underperform |
SEK 330 |
SEK 225 |
FLSmidth |
buy |
neutral |
DKK 600 |
DKK 590 |
Metso |
-- |
neutral |
-- |
€17.2 |
Sandvik |
-- |
neutral |
SEK 400 |
SEK 395 |
Weir |
-- |
buy |
-- |
3600p |
