Morgan Stanley upgraded Anglo American to Overweight from Equal Weight with a 2,080 GBp price target. Anglo American’s share performance has trailed the EuroStoxx Basic Res index by about 25% over the last 12 months, though the investment case is improving with management having now formally committed to syndicate Woodsmith and undertake a portfolio review, so the firm sees a “positive risk-reward skew,” the analyst tells investors.
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