Morgan Stanley analyst Ioannis Masvoulas downgraded Boliden to Underweight from Equal Weight with a price target of SEK 250, down from SEK 270. The stock’s risk/reward is skewed to the downside into 2024 on “material” earnings risks and operational challenges, the analyst tells investors in a research note. The firm says Boliden shares only start to look cheap in 2026 estimates, assuming its earnings power normalizes.
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