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Broker snap: Fresnillo oversold, says Citi

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Broker snap: Fresnillo oversold, says Citi

Tue, 27 September 2011
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Broker snap: Fresnillo oversold, says Citi

The unusual price fall in Fresnillo lately, in line with a decline in the broader precious metals market, has prompted the broker Citi to raise its rating on the silver miner to “hold” from “sell”.

“We see the immediate future of FRES as bright because it has a healthy string of greenfield and brownfield expansions in the years ahead,” Citi says.

“It also looks to be the UK precious metal producer with the most potential in the time frame of 10-30 years ahead, because of the quality and nature of its reserves. “

It says the fall in Fresnillo’s share price has “discounted these admirable qualities.”

Citi also lifts its target price on Fresnillo to 1,715p from 1,571p.

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