Jefferies keeps 'buy' on Australia's Sandfire despite Q3 output dip

Sandfire Resources

23/04/2026 21:41

** Jefferies sticks with "buy" rating for Sandfire Resources SFR.AX, noting the copper miner's Q3 output came largely as flagged, leaving a robust but achievable Q4 push to land annual guidance and potential dividend

** Shares closed 5.5% lower on Thursday after co reported group equivalent production for the March quarter to 34.5 kilo tons, down ~6% QoQ

** Brokerage sees rising spend on the Kalkaroo project in South Australia comfortably within SFR's capital framework, lifting the odds of dividends at the FY26 results

** With guidance intact and assets well‑positioned into FY27, Jefferies reiterates its rating with an A$20 price target

** Stock down 3.9% YTD as of last close

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))