Boliden downgraded to Sell from Hold at Berenberg

Berenberg downgraded Boliden to Sell from Hold with a price target of SEK 240, down from SEK 300. Boliden has reported two consecutive quarters that have disappointed the market, the analyst tells investors in a research note. The firm forecasts a small negative free cash flow quarter in December, but says much hinges on guidance of a $1B-$2B working capital inflow in Q4. “If this is not the case, we forecast further downside for the shares,” writes Berenberg.