Aurubis slips as UBS cuts to "sell" amid tight copper market
** UBS cuts the German copper producer Aurubis NAFG.DE to "sell" from "buy", citing tightness in the copper concentrate market, uncertainty over capex and strategy due to management changes
** Shares in Aurubis fall 11.6% and are on track for the worst day since Aug 2021, if losses persist
** "Aurubis has rallied with the copper price but faces earnings headwinds from lower TCRCs that are not captured in consensus" the broker says
** It also warns thatmanagement changes "create a degree of uncertainty over capex and strategy"
** UBS sees a downside risk to consensus for FY24 and estimates a 13% cut in 2025/26E EBITDA and a 20% cut in EPS reflecting lower TCRCs
** Out of 12 analysts that cover Aurubis AG, four rate it "strong buy"/"buy", six "hold" and two "strong sell"/"sell"
(Eva Orsolya Papp and Alun John)
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