Perenti upgraded to Buy from Hold at Jefferies

Jefferies upgraded Perenti to Buy from Hold with a A$1.35 price target. While acknowledging that the death of two employees is "a sobering reminder of the dangerous nature of underground mining" and calling the stock "not for the faint-hearted," shares are off 20% in 2023 to date so the firm sees an opportunity to gain exposure to "a cheap C-19 recovery story" with margins and earnings that are improving.