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Broker views: Mining and builders' merchants

07 March 2017 15:49

Credit Suisse has upgraded iron ore pellet producer Ferrexpo (LON:FXPO) to neutral (from underperform) after raising its forecasts and increasing its target price to 170p (from 120p).

"While the company still carries corporate governance and country risks, the cash flows and near term debt reduction can't be ignored," analysts commented.

Also in mining, JP Morgan Cazenove upgraded its recommendation on Glencore (LON:GLEN) to neutral, saying it doesn't "see a strong catalyst for underperformance over the next 3-6 months".

Analyst have raised their price target to 330p per share (from 260p).

The broker highlighted that its previous underweight rating was mainly based on the stock's premium valuation.

Meanwhile, Berenberg has lifted its rating on builders' merchant Travis Perkins (LON:TPK) to buy (from hold) saying the group's structural advantage should enable it to outcompete, outperform and offer returns ahead of peers.

The broker also pointed out that the shares are down by 8% since the full year results and are trading at an 11% discount to peers, which it believes provides investors with "a good entry point".

Berenberg increased its target to 1,800p (from 1,540p).

At 3:49pm:

(LON:FXPO) Ferrexpo PLC share price was -1.2p at 153.3p

(LON:GLEN) Glencore PLC share price was -6.3p at 320.2p

(LON:TPK) Travis Perkins PLC share price was +48.5p at 1489.5p

Story provided by StockMarketWire.com

Related Company: FXPO

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