Champion Iron upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Champion Iron (CIAFF) to Outperform from Sector Perform with a price target of C$5.50, down from C$6. Given the heightened global macroeconomic uncertainty, the firm has reduced most of its near-term commodity price expectations and updated estimates to reflect weaker commodity prices and other company-specific adjustments. In this context of heightened uncertainty, the analyst prefers exposure to larger miners with high-quality assets and strong balance sheets with attractive valuations.