Anglo American: Jefferies remains Buy on the stock

(CercleFinance.com) - Jefferies confirms its buy recommendation on the share and leaves its target unchanged at 2850 pence.


The analyst highlights further progress in the group's restructuring.

Anglo has announced the sale of its nickel business to MMG Singapore Resources, a subsidiary of MMG, for a cash consideration of up to $500 million, of which $150 million would depend on future nickel prices and the development of new projects," says the analyst.

The current value of this business on Anglo's balance sheet is $659 million, but we see this sale as a positive development given the continuing uncertainty in the nickel market', says Jefferies.

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