Goldman Sachs upgraded South32 to Buy from Neutral with a price target of A$3.80, up from A$3.20. The firm adjusted its FY24, FY25 and FY26 EPS estimates after market-to-market changes for commodities, increasing its zinc price forecasts, accounting for the recent reversal of the tax increase at Cerro Matoso nickel in Columbia, and factoring in some expected cost out by the company.
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