As previously reported, Deutsche Bank analyst Liam Fitzpatrick upgraded Anglo American to Buy from Hold with a price target of 3,000 GBp, down from 3,100 GBp. Anglo American has been a “big laggard” in 2023 due to the controversial Woodsmith project, high capex and weakening precious metal prices, but the analyst believes the core of the Anglo business is “good quality and cash generative.” A “dose of self-help alongside an injection of cyclical recovery” could drive a “powerful cash flow recovery,” the analyst tells investors.
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