Eramet: BofA lowers target price

(CercleFinance.com) - While maintaining its 'buy' recommendation on Eramet shares, BofA Global Research has lowered its target price for them from E120 to E110, after the group reduced its 2024 targets for Comilog (manganese ore) and PT Weda Bay (nickel ore).


With these new volume forecasts coming in below the broker's expectations, the analyst has updated his model for the mining and metallurgical company, with a 24% reduction in EBITDA expected for 2024, to E678m.

The downgraded forecasts are disappointing, but we think the share has already moved as a result of the downgraded outlook for Chinese steel and manganese ore prices, it says.


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