Morgan Stanley analyst Carlos De Alba lowered the firm’s price target on Nexa Resources to $4.50 from $5.60 and keeps an Underweight rating on the shares. While Morgan Stanley noted that mining equities may continue their recent move higher on sentiment around China stimulus “for a bit longer,” the firm does not believe the rally is sustainable, citing “weak global growth despite China’s services-led recovery, a stronger USD, and fair valuation” as factors limiting mining share performance.
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