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Investing.com - Berenberg initiated coverage on Valterra Platinum (LSE:VALT) with a sell rating and a price target of GBP26.00, citing several headwinds facing the business.
Valterra Platinum, previously known as Anglo American (JO:AGLJ) Platinum, was recently spun out of Anglo American, with approximately 51% of its shares distributed as an in-specie dividend to Anglo American shareholders.
The company retained its listing on the Johannesburg Stock Exchange and commenced a secondary listing on the London Stock Exchange (LON:LSEG) on June 2.
Despite the stock enjoying a rally since being spun out, Berenberg’s price target of GBP26.00 per share (ZAR620 per share for the Johannesburg line) implies 15% downside from current levels.
Berenberg analyst Richard Hatch noted that while the shares have performed well initially, the firm sees "a number of headwinds facing the business," which drove the sell recommendation.
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