Broker tips: Copper miners, Aviva, Cineworld

15th Aug 2013 11:04

JPMorgan Cazenove has named diversified miner Glencore Xstrata its top pick amongst copper producers, while downgrading its rating for Antofagasta.Glencore Xstrata, which derives 35-40% of its EBITDA/NPV from copper, "stands out in our view", JPMorgan said, reiterating its 'overweight' rating and 410p target price. As for Antofagasta, the broker said that the stock is "up to speed with events" as it cut its rating from 'overweight' to 'neutral' and trimmed its target price from 1,040p to 1,005p.Citigroup has reiterated its 'buy' rating and 432p target price for insurance group Aviva after the New York regulator approved the deal for Apollo Global Management to take over its US life and annuity business."Today's announcement reinforces our view that the sale will complete in 2013, as planned. This marks another step in Aviva's restructuring journey and the consequent re-rating of the stock," said Citi analyst Paul Bradley in a report dated August 14th.Canaccord Genuity has hiked its target price for cinema operator Cineworld from 360p to 450p after its strong first-half report on Thursday, saying that outlook for the rest of the year looks bright."We are maintaining forecasts ahead of Q4 where the comparatives are more challenging but after such a strong H1, confidence in estimates is high," said analyst Wayne Brown, reiterating his 'buy' rating for the stock. BC