Jefferies analyst Christopher LaFemina upgraded Anglo American (NGLOY) to Buy from Hold with a price target of 2,850 GBp, up from 2,500 GBp. The firm sees value and potential positive catalysts in Anglo’s shares following the pullback from this past summer’s highs. It cites Anglo trading at a 15% discount to its undisturbed sum-of-the-parts estimate and takeover possibilities resurfacing for the upgrade.
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