RBC cuts Boliden to 'sector perform' on growing commodity risks

Boliden AB

20/03/2026 10:09

** RBC downgrades Swedish miner Boliden BOL.ST to "sector perform" from "outperform," citing growing downside risks to its key commodities amid geopolitical tensions

** The broker notes that with copper and zinc prices well above production cost support levels, there is significant room for prices to fall before output is curtailed

** However, RBC believes the downside is partly protected by Boliden's energy hedges, fixed-power contracts, and near-term catalysts like the Odda zinc smelter ramp-up

** The brokerage cuts its price target by 20% to SEK 600, reflecting lower valuation multiples on risks to its base case commodity price forecasts

** While the broker's EBITDA estimates for fiscal years 2026-2028 are largely unchanged, it sees free cash flow falling due to higher capex for growth projects

** Out of 20 analysts that cover the stock, three rate it "buy", 12 rate "hold", and five rate "sell" or "strong sell", according to LSEG data

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))