In the good books
Alumina (AWC) Upgraded to Accumulate from Hold by Ord Minnett B/H/S: 1/3/3
Ord Minnett has increased its forecasts for coal, iron ore and copper, while downgrading near-term gold price forecasts. The broker also raises forecasts for alumina. Spot alumina continues to look strong at US$325/t and presents upside potential to the broker's earnings estimates.
The broker upgrades AWC to Accumulate from Hold and raises the target to $1.80 from $1.60. The upgrade is driven by a higher valuation and strong forecasts for free cash flow.