JPMorgan analyst Patrick Jones downgraded Boliden to Underweight from Neutral with a price target of SEK 300, down from SEK 305 as part of a broader research note on Metals and Mining. Metal prices have been quick to react to China economic policy announcements but do not appear to assign significant risk premia to trade-related outcomes, specifically higher tariffs, despite this being a potential risk mentioned by clients post the U.S. Presidential election, the analyst tells investors in a research note. In this context, European Metals and Mining equities carry near term downside risk, even after the China-led sell-off during the last 48 hours, the firm added.
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