'Last of the negative catalysts?', UBS upgrades Boliden
** UBS raises Swedish miner Boliden BOL.ST to "neutral" from "sell", saying the market now better understands and has priced in challenges the company has been facing
** The delay and EUR 100 mln cost-increase in the start-up of the Odda smelter expansion are the latest in a series of negative events affecting the company, UBS points out
** The analysts note that Boliden continues to face challenges such as lower Treatment and Refining Charges (TCs), risks related to zinc prices, and a high capex of SEK 13.5 billion announced for 2025
** "However after material underperformance vs base metal peers over the last 2 yrs and material downgrades to consensus earnings, we believe the headwinds are better understood & priced in," it adds
** The analysts note a potential turnaround story for Boliden, driven by improvements in mining grades and organic growth in smelter earnings, particularly with the restart of the Odda and Ronnskar smelters
** Still, UBS lowers its PT by 6% to SEK 300, saying a potential turnaround is unlikely to happen over the next 12 months
Reporting by Tilla Sjaavaag
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