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Anglo American downgraded by HSBC

31 July 2017 15:19

HSBC has cut its investment rating on Anglo American (LON:AAL) to hold from buy on valuation grounds following the miner's half year results.

Analysts have also nudged their price target up to 1,280 pence a share (from 1,250 pence).

The bank said: "We have captured the results in our model and have made a few changes; the net impact is a 3% increase in our valuation.

"However, owing to recent share price performance, this necessitates a rating downgrade, as AAL now offers fair value."

At 3:19pm: (LON:AAL) Anglo American PLC share price was +22.25p at 1254.25p

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