Exane BNP lifts Boliden to 'neutral' on more balanced risk/reward ratio

Boliden AB

Thu 11:58

** Exane BNP Paribas upgrades Swedish mining company Boliden BOL.ST to "neutral" from "underperform," as the recent stock weakness creates a more balanced risk and reward scenario
** Seismic activity at the Garpenberg zinc mine in March forced Boliden to stop operations and lower throughput guidance for 2026 and 2027, with shares plunging by about 20% after the warning
** Compared to other European mining peers, Boliden is underperforming by more than 30% YTD, the broker says, noting the stock's valuation now looks more appealing      
** It raises its PT by almost 20% to SEK 515  ($53.90), driven by earnings upgrades from a revised commodity outlook that boosts core profit estimates across the 2026 to 2028 period
** Exane adds the company's valuation multiples have decreased from nearly 8.0 to 6.0 times, positioning the stock only slightly above its historical average
** Out of 22 analysts that cover Boliden, five rate the stock "buy,"​ 14 rate it "hold" and three​ maintain a "sell" rating - LSEG data



($1 = 9.5555 Swedish crowns)

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))