BofA turns positive on European mining equipment on large copper projects
BUZZ-BofA turns positive on European mining equipment on large copper projects ** 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))
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