Morgan Stanley cuts Buenaventura Mining stock to Equalweight
BVN
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On Tuesday, Buenaventura Mining (NYSE:BVN) experienced a shift in its stock rating as Morgan Stanley adjusted its stance on the company. The mining firm was downgraded from Overweight to Equalweight, with a revised price target set at $16.30, up from the prior target of $10.90.
The analyst noted that Buenaventura Mining’s directly controlled operations have shown improvement in the second half of 2023. The company’s progress on the San Gabriel gold project and the potential to increase its copper exposure with the El Trapiche project were acknowledged as positive factors.
Morgan Stanley’s decision to adjust the rating comes despite recognition of Buenaventura’s growth prospects and operational advancements. The recent acquisition of 18.9% of Buenaventura’s shares by Antofagasta (LON:ANTO) was seen as an endorsement of the company’s value, particularly considering its stake in Cerro Verde.
The new price target of $16.30 per share reflects an increase from the previous $10.90 per share. However, the analyst believes that the current market valuation already accounts for the recent positive developments surrounding Buenaventura Mining, prompting the change to an Equalweight rating.
