Boliden downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Boliden to Underweight from Equal Weight with a price target of SEK 335, down from SEK 485. Boliden "remains structurally well placed over the longer term," but the risk-reward appears negatively skewed in the near-term given fading mark-to-market upgrades, "subdued cash returns prospects" and the potential for a soft Q1 report not being reflected in consensus, the analyst tells investors.