South32 upgraded to Hold from Underperform at Jefferies

Jefferies upgraded South32 (SOUHY) to Hold from Underperform with a price target of A$3.40, up from A$3.25. 2024 was challenging for the mining sector as developed world demand decelerated, China continued to slow and the dollar strengthened, says the analyst. In 2025, the firm expects company-specific factors, rather than changes in commodities, to drive share prices, the analyst added in a commodity update note on the Australia metals and mining group.