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Investing.com - Deutsche Bank upgraded Boliden AB (ST:BOL) (OTC:BDNNF) from Hold to Buy, raising its price target to SEK490.00 from SEK450.00, citing underappreciated volume growth potential.
The upgrade comes as Boliden exits what Deutsche Bank describes as a "challenging operational period" from 2023 to 2025, during which volumes declined due to lower grades at key mines, production suspensions, and project delays.
Deutsche Bank highlighted Boliden’s increasing exposure to precious metals, noting that gold and silver have become a larger source of revenue than either copper or zinc, providing a "powerful earnings tailwind" looking ahead to 2026/27.
The bank increased its 2026/27 EBIT estimates by approximately 7%, putting its forecast about 5% ahead of consensus, based on higher copper, gold, and silver prices.
Boliden shares are currently trading at a 2026 EV/EBITDA of 5.2x on spot prices, which Deutsche Bank identifies as the lowest among its copper coverage, with an upside case of SEK540 representing approximately 30% potential gain based on 2026 exit rate volumes.
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