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Lonmin upgraded by Liberum

28 March 2017 15:05

Liberum Capital has upgraded its recommendation on platinum producer Lonmin (LON:LMI) to a moderate hold rating (from sell) but cautioned that challenges still remain.

The broker explained: "We launched with a Sell recommendation at a 219p share price but with the shares now at ~86p, having gone through our revised target price of 95p [previously 105p], we upgrade."

"In order to close the funding gap to a bridgeable level, we still believe management needs higher prices and to implement further dramatic cash-saving measures."

The shares have fallen by almost 40 per cent since the beginning of the year.

At 3:05pm: (LON:LMI) Lonmin PLC share price was +2.38p at 90.13p

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