Deutsche Bank Downgrades and Lowers Estimates On Global Metals and Mining Companies (RIO, AAUK)
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Deutsche Bank downgraded a number of global metals and mining companies this morning saying they see more downside for base metals in 2009. The firm lowered earnings expectations on a number of names, saying, "the plummeting prices have dropped expectations for miner earnings and in the process made them more leveraged and more at risk of cash flow issues."
The firm downgraded Vale (NYSE: RIO), Vedanta Resources (VED.L), Anglo American plc (Nasdaq: AAUK) from Buy to Hold and Antofagasta (OTC: ANFGY) (ANTO.L) from Hold to Sell
The also said volatility will offer opportunity for watchful investors this year. They advocate exposure to strong balance sheets or oversold stocks - BHP Billiton Ltd. (NYSE: BHP), ENRC PLC (ENRC.L) and Xstrata (OTC: XSRAF) (XTA.L) are their top picks.
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