Boliden upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Alain Gabriel upgraded Boliden (BDNNY) to Equal Weight from Underweight with a price target of SEK 484, down from SEK 534. The firm told investors that the seismic event at Garpenberg has weakened the near- to medium-term earnings outlook, reduced the group’s free cash flow cushion and made meaningful year-end capital returns less likely. Morgan Stanley added that following the recent pull-back in the shares, valuation now looks less demanding.