MARKET TALK: UBS Decreases Anglo American Price Target

2nd Aug 2010 11:13

1013 GMT [Dow Jones] UBS decreases Anglo American (AAL.LN) target to 2840p from 2930p. Is disappointed by another capital increase and the delay at Minas Rio. Says while the delay was largely anticipated, the magnitude of the capital increase will likely come as a surprise. Says these relate to delays in receiving critical licences required for construction of the plant. Says Anglo has guided to an additional $180M capex for every three month delay, and UBS is incorporating a 12 month delay in its modeling. Keeps buy recommendation. Shares +3.8% at 2620p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires August 02, 2010 06:13 ET (10:13 GMT)