RBC Capital upgrades Anglo American to 'outperform'

By Michele Maatouk

Date: Tuesday 06 Jun 2023

(Sharecast News) - RBC Capital Markets upgraded Anglo American on Tuesday to 'outperform' from 'sector perform' and lifted the price target to 2,700 from 2,500p.
It noted the shares are down 37% over the past year versus the SXXP down 18%, and said that at 1.0x and 4.4x 2023 EV/EBITDA "are attractive on our relatively conservative price deck".

RBC continued: "Operational momentum is returning and we think Anglo should be a relative beneficiary from improved sector sentiment."

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