Boliden downgraded to Underperform from Sector Perform at RBC Capital

RBC Capital analyst Tyler Broda downgraded Boliden to Underperform from Sector Perform with a price target of SEK 265, down from SEK 275. The analyst says the weakening economic backdrop, combined with high capex spending in an inflationary environment, increases risks to Boliden should its operations “continue to stumble.” The firm believes the company’s cash generation potential will likely remain suppressed until capex tapers down in 2025.