Anglo American gains after Jefferies upgrades to 'buy'
** Shares of miner Anglo American AAL.L up 2.53% at 2,451.50p
** Jefferies upgrades co stock to "buy" from "hold" and raises PT to 2,850p from 2,500p
** "There is still risk related to Anglo's breakup strategy, but progress has been encouraging so far," Jefferies says
** A de-merger of Anglo American Platinum (Amplats) AMSJ.J should be a positive catalyst for Anglo's shares, Jefferies says
** Recently, AAL said it will sell more shares in its South African platinum unit, as it accelerates plans to spin it off
** The placing will raise cash for Anglo American, the parent company of Amplats, as it pushes forward with a wider restructuring plan that is aimed at focusing its operations on copper and iron ore mining and increasing value
** Ten of 19 brokerages rate the stock "buy" or higher, seven "hold" and two "sell" or lower; their median PT is 2,650p - LSEG
** Up to previous close, stock had risen ~25% <> YTD
Reporting by Joel Jose in Bengaluru
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