BUZZ-Australian miner South32's Q2 output beats Citi, Jefferies expectations

Reuters
01-21
BUZZ-Australian miner South32's Q2 output beats Citi, Jefferies expectations

** Analysts at Jefferies and Citi says diversified miner South32's S32.AX Q2 production results beat their estimates

** Jefferies says co's alumina production for the quarter beat their estimates by 6% while aluminium production beat estimates by 3.4%

** Jefferies reiterates "hold" rating; gives PT A$3.40

** However, Jefferies says manganese and nickel commodity headwinds are likely to drive portfolio resets over the course of CY25

** Citi raises FY25 EBITDA expectations by 9%; gives PT of A$3.90 and keeps "Neutral" rating

** Analysts on average rate the stock "buy"; their median PT is A$4.0 – LSEG data

** Stock rose over 2% in 2024

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

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