Anglo American Platinum downgraded to Reduce from Hold at HSBC

HSBC downgraded Anglo American Platinum to Reduce from Hold with a price target of ZAR 690, down from ZAR 809. The company’s Amandelbult and Mogalakwena turnaround strategies “may face some headwinds,” the analyst tells investors in a research note. The firm cites a weaker operational outlook, increased capex forecasts and a weaker metals price outlook for the downgrade.