Scotiabank analyst Orest Wowkodaw upgraded Lundin Mining to Outperform from Sector Perform with a price target of C$16, down from C$18. The firm lowered its near-term commodity price outlook excluding uranium, reflecting the impact of weaker global demand for copper and base metals, particularly in China, which appears to be more than offsetting supply-side challenges. However, the firm has upgraded Lundin based on the shares’ attractive relative valuation, the material de-risking via the new Vicuna District JV, and a “markedly improved” second half operating forecast.
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