Anglo American downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Dominic O’Kane downgraded Anglo American to Neutral from Overweight with a price target of 2,335 GBp, up from 2,285 GBp, as part of a broader research note on Metals and Mining. Metal prices have been quick to react to China economic policy announcements but do not appear to assign significant risk premia to trade-related outcomes, specifically higher tariffs, despite this being a potential risk mentioned by clients post the U.S. Presidential election, the analyst tells investors in a research note. In this context, European Metals and Mining equities carry near term downside risk, even after the China-led sell-off during the last 48 hours, the firm added.