Adriatic Metals upgraded to Buy from Hold at Berenberg

Berenberg upgraded Adriatic Metals to Buy from Hold with a price target of 250 GBp, down from 260 GBp. The analyst is taking a more cautious view on bulk commodities, particularly iron ore, into the second half of 2024. However, the firm continues to see an attractive outlook for gold mines. The lack of meaningful stimulus from China and broadly softening economic data leaves China-focused bulk commodities with limited support, the analyst tells investors in a research note.