Australian Mining Ratings
RBC Maintains Ratings on Five Australian Miners Amid Mixed Market Sentiment
Anonymous
RBC Capital analyst James Redfern kept his Buy rating on Mineral Resources, setting a A$80 price target, while maintaining Hold ratings on Sandfire Resources, Evolution Mining and Fortescue Metals at targets of A$23, A$12.50 and A$18, respectively. Redfern also maintained a Buy rating on Westgold Resources with a A$6 target. Broader analyst views were mixed: Mineral Resources had a Moderate Buy consensus, Sandfire and Fortescue were rated Hold overall, and Westgold had a Strong Buy consensus; Evolution also received a UBS upgrade to Buy. Mineral Resources reported quarterly revenue of A$3.41 billion and net profit of A$566 million, compared with revenue of A$2.18 billion and a net loss a year earlier.
Key Points
1
Mineral Resources’ A$68.46 average analyst price target was below RBC’s A$80 target, despite the stock carrying a Moderate Buy consensus.
2
Sandfire’s market capitalization was reported at A$10.25 billion with a P/E ratio of 21.55; insider activity was also described as negative, with more selling by insiders over the past quarter than earlier in the year.
3
Westgold’s A$7.27 consensus price target implied 31.46% upside from the share price cited in the report, and UBS had maintained a Buy rating with a higher A$8.75 target on September 10.
4
Evolution Mining also received a Hold rating from Citi on September 22, while its shares were reported to have traded between A$9.74 and A$17.75 over the prior year.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
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