JPMorgan analyst Dominic O’Kane downgraded Anglo American (NGLOY) to Underweight from Neutral with a price target of 2,800 GBp, down from 3,780 GBp. The firm says events in the Middle East bring risks that are not adequately discounted into the shares of European metals and mining stocks. The analyst reversed JPMorgan’s previously positive view on the group and turns negative. It introduced a downside scenario for copper and iron ore as a new base case.
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