LONDON (ShareCast) - (Sharecast News) - Analysts at JP Morgan revised their target prices for several of the major London-listed mining groups on the back of their updated commodity price forecasts for the third quarter.


In a research note sent to clients, they said they had raised their forecasts for base metals prices, while keeping those for iron ore, coal and precious metals unchanged, as Fed tapering and the reflation trade gathered pace.

In turn, their target price for Anglo American's shares was marked up from 3,450.0p to 3,600.0p, while that for Antofagasta was raised from 1,270.0p to 1,490.0p, that for BHP from 2,780.0p to 2,810.0p and that for Glencore from 380.0p to 400.0p.

The latter three meanwhile were kept at 'overweight' with the recommendation for Anglo American shares unchanged at 'neutral'.

In the CEEMEA space on the other hand, they downgraded shares of Kazatomprom to 'neutral' following the recent strong share price performance.

They also cut their target prices for shares of South African gold miners in anticipation of a stronger rand and downgraded Harmony Gold to 'neutral'.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE