Barclays lifts Boliden to 'overweight' on earnings recovery prospects

Boliden AB (publ)

28/05/2026 11:37

** Barclays upgrades Swedish miner Boliden BOL.ST to "overweight" from "equal weight" seeing a clear path to earnings recovery over the coming years
** The broker raises its price target by 20% to SEK 650, noting that upcoming capacity expansions at the company's zinc and copper smelting facilities will boost profits
** Medium-term earnings will also be supported by recovering volumes at the Garpenberg mine, where a recent seismic event temporarily cut production forecasts for 2026, it says
** Boliden trades at a heavy discount to its peers, creating an "attractive entry point for investors willing to underwrite project delivery risk," Barclays adds
** The brokerage expects rising free cash flow to allow for surplus cash returns by late 2027, even though the miner currently remains one of its 'least loved' coverage names
** Out of 20 analysts that cover the stock, four rate it "buy", 13 rate it "neutral" and three rate it "sell", according to LSEG data

(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))