OZL - UBS rates the stock as Buy
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UBS cuts gold price forecast by around -5% and believes the sector is looking expensive. Elsewhere, the broker remains positive on copper and nickel.
The broker remains cautious on the direction of gold and focuses on company-specific events as a driver of share prices.
Gold represents around 20% of the company's revenues on the broker's numbers. Despite the short-term headwinds the stock remains the broker's pick in the copper space. Buy rating retained. Target is reduced to $10.50 from $11.00.
Target price is $10.50.Current Price is $8.20. Difference: $2.30 - (brackets indicate current price is over target). If OZL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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