In the broader picture, Barclays believes copper-focused equities are reflecting better value at current levels, and are now “less negative” on the group after the recent selloff even with ongoing headwinds from Europe’s energy crisis, China’s COVID lockdowns and the strengthening U.S. dollar.
The firm also upgraded First Quantum Minerals (OTCPK:FQVLF) to Equal Weight from Underweight, while reiterating its Overweight rating on Ero Copper (ERO) and Underweight rating on Freeport McMoRan (FCX).
Among precious metals miners, Barclays maintains Overweight ratings on Barrick Gold (GOLD), Agnico Eagle Mines (AEM) and Kinross Gold (KGC), while downgrading Franco Nevada (NYSE:FNV) to Underweight from Equal Weight after declining less than peers since the end of Q1.
Taking an opposing view, Bank of America analysts recently downgraded Hudbay and First Quantum.
