J.P. Morgan Sees Alumina Rally Running Out of Steam -- Market Talk
31 Julio 2014 - 7:05PM
Noticias Dow Jones
2335 GMT [Dow Jones] Alumina Ltd.'s (AWC.AU) valuation is
looking a little stretched after a circa-45% lift in shares
year-to-date, says J.P. Morgan analyst Lyndon Fagan, who cuts the
stock's rating to underweight from neutral. "While we recognize a
lack of identifiable catalysts to drive a share price derating, we
believe an underweight recommendation is now justified based on
stretched valuation metrics versus mining sector peers such as Rio
Tinto PLC (RIO)," he says. AWC is also facing shrinking margins,
with spot alumina prices down and the Australian dollar stronger,
he says. Fagan has a price target of A$1.50 on the stock. AWC last
traded at A$1.605 a share. (rhiannon.hoyle@wsj.com; Twitter:
@RhiannonHoyle)
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