Sibanye Stillwater just downgraded at BMO Capital, here’s why

BMO Capital downgraded Sibanye Stillwater to Market Perform from Outperform with a price target of $6, down from $11, after resuming coverage following the $500M convertible bonds offering. The downgrade is primarily driven by the continued weakness in PGM prices and the execution risk and lack of visibility on the battery metals portfolio, the analyst tells investors in a research note.