Sibanye Stillwater downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Christopher Nicholson downgraded Sibanye Stillwater to Underweight from Equal Weight with a ZAR 26 price target. The analyst says it is the wrong time in the cycle to own the shares. There is also a possibility of Sibanye’s balance sheet returning to a net debt position over the next 2.5 years, and cash payments to the Rustenburg and Marikana Black Empowerment Scheme participants ramping up could pressure on the dividend payout, the analyst tells investors in a research note.