MARKET TALK: Deutsche Bank Cuts Anglo American Price Target

2nd Aug 2010 10:34

0934 GMT [Dow Jones] Deutsche Bank cuts Anglo American (AAL.LN) price target to 3450p from 3520p following the company's 1H '10 results. Earnings are marginally ahead of expectations but essentially, this is a result of strong outperformance in iron ore. Operationally, Met coal, thermal coal, nickel and copper are below expectations. Deutsche also notes further bad news regarding the Minas Rio project. The project has been delayed and Anglo is not able to clearly forecast the capex level. Deutsche thinks the delay will be least nine months and as a result, capex is up $750M. Keeps at buy. Shares are +3.5% at 2612p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires August 02, 2010 05:34 ET (09:34 GMT)

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