BofA turns positive on European mining equipment on large copper projects

Epiroc AB

04/06/2026 12:44

** 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

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