Anglo American: Jefferies downgrades to Hold as $49 bln BHP offer falls through
Jefferies downgraded Anglo’s London shares to Hold from Buy, and also cut the stock’s price target to 2,700 pence from 3,200 pence. The new PT represents an upside of about 9% from current levels.
Jefferies analysts said that Anglo must now execute its own proposed restructuring, which includes a demerger of the South African business, a sale or spin-off of its De Beers diamond unit, a sale of its metallurgical coal business and a review of its nickel business. A demerger of Anglo’s South African assets is also expected to be rife with political and financial complexities, given that the assets face high regulatory risk in South Africa.
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