J.P. Morgan Reiterates Neutral Rating on Stillwater Mining Company
In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Stillwater Mining Company (NYSE: SWC).
J.P. Morgan noted, “Swiss palladium imports from Russia continued at low levels with just 200kg (6.43koz) reported for November. 2012 looks set to be a year with exceptionally low Russian palladium imports with YTD imports of 148koz vs. PYTD of 543koz, unless there are large December sales (which we believe is unlikely). Declining Russian sales continue to support supply demand fundamentals for palladium and we remain confident of our $1,000/oz LT price for the metal. However, we believe short term price movements will be governed by recovery in auto-builds and the general macro scenario. We continue to see palladium as the precious metal with the best fundamentals as Russian stockpile sales fall and auto emission standards rise.”
Stillwater Mining Company closed on Monday at $12.40.
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Tags: J.P. Morgan & Co.