JPMorgan analyst Alex Comer downgraded Sasol (SSL) to Underweight from Neutral with a price target of ZAR 94, down from ZAR 107. The firm cites an unfavorable macro backdrop for the downgrade. Oil prices have bounced on geopolitics but the fundamentals indicate “significant downside risk,” the analyst tells investors in a research note. JPMorgan also cites the strong South African rand for the downgrade.
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