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Brokers bash beleaguered mining sector

Published: 10:56 22 Sep 2015 BST

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The mining sector took a hit this morning as brokers wielded the axe on the sector.

Credit Suisse did the most damage, downgrading as many as 10 mining stocks.

No-one, it appears, was safe.

Among those to feel the broker’s wrath was KAZ Minerals (LON:KAZ), which it put a ‘neutral’ rating on from ‘outperform’ and chopped its target price to 150p from 235p.

Others to see their target price slashed included Randgold Resources (LON:RRS) which was cut to 4,040p from 4,270p and Antofagasta (LON:ANTO), dropped to 510p from 640p.

Platinum producer Anglo American (LON:AAL) also saw its target price cut by Credit Suisse, but it wasn’t the only broker down on the stock.

Goldman Sachs got on the miner bashing train as well, slicing its target price for Anglo to 700p from 730p as it kept a ‘sell’ rating on the shares.

Elsewhere, following RSA Insurance’s (LON:RSA) failure to tie the knot with Zurich Insurance, Deutsche Bank cut its target price to 430p from 540p.

Meanwhile, after Rotork (LON:ROR) produced a profit warning last week, Jefferies International decided the stock is now likely to ‘underperform’ having previously had a ‘hold’ rating on the shares.

It wasn’t all doom and gloom however.

One area getting some love was the pharma space, where drugmaker Indivior (LON:INDV) was boosted by Citigroup.

The broker reckons it is worth a ‘buy’ rating and has a target price of around 270p for the stock.

Similarly, UDG Healthcare also has a ‘buy’ rating, this time from N+1 Singer, following a good day yesterday for pharma companies.

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