Anglo American price target lowered to 2,550 GBp from 2,700 GBp at Jefferies

Jefferies lowered the firm’s price target on Anglo American to 2,550 GBp from 2,700 GBp and keeps a Hold rating on the shares, noting that a coal gas explosion caused a fire in Anglo’s underground Grosvenor met coal mine in Queensland on Saturday and that the company has suspended production. The assessment of the damage is likely to take “several months” and the mine could be down for significantly longer than that, notes the analyst, who contends that this fire could significantly damage the timing and valuation of a potential sale of Moranbah North and Grosvenor.