Fresnillo downgraded to Sell from Neutral at UBS

UBS analyst Daniel Major downgraded Fresnillo to Sell from Neutral with a price target of 850 GBp, down from 900 GBp. Major is constructive on gold and silver, but sees risks for Fresnillo into Q4/FY22 results as consensus costs estimates are too low and silver guidance may disappoint, the analyst tells investors in a research note.