Morgan Stanley analyst Ioannis Masvoulas maintained a Sell rating on Boliden AB today and set a price target of SEK285.00.
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Ioannis Masvoulas has given his Sell rating due to a combination of factors impacting Boliden AB’s financial performance. The company’s operating profit for the second quarter of 2025 fell short of market expectations, coming in 9% below consensus estimates. This shortfall was primarily attributed to higher costs in the Mines segment, despite better-than-expected performance in the Smelters segment. Additionally, the earnings per share were significantly lower than anticipated, further contributing to the negative outlook.
Another factor influencing the Sell rating was the revision of guidance for the Garpenberg zinc grade, which was lowered due to poor ground conditions affecting access to higher-grade zones. Although free cash flow exceeded expectations, this was not enough to offset the overall financial performance concerns. Consequently, Ioannis Masvoulas anticipates that Boliden AB’s shares may underperform relative to the sector in the near term.
In another report released on July 10, J.P. Morgan also maintained a Sell rating on the stock with a SEK280.00 price target.