Morgan Stanley downgraded Nexa Resources (NEXA) to Underweight from Equal Weight with a price target of $5, down from $7. The firm views the risk/rewards on copper equities as less compelling following the outperformance since April 8. It cites macro and growth concerns, as well valuation, for the downgrade of several names in the space.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NEXA:
- Nexa Resources Resumes Operations at Cajamarquilla Smelter
- Nexa Resources Faces Temporary Suspension at Cajamarquilla Smelter Amid Union Strike
- Shell denies deal talks with BP, Micron reports Q3 beat: Morning Buzz
- Nexa’s Cajamarquilla Zinc Refinery workers announce strike, Gestion says
- Hold Rating for Nexa Resources Amid Strike Risks at Key Zinc Smelter