UPDATE: JP Morgan Upgrades Stillwater Mining to Overweight on Palladium Fundamentals
JP Morgan upgraded Stillwater Mining (NYSE: SWC) from Neutral to Overweight and raised the price target from $14.00 to $19.00.
JP Morgan commented, "Palladium fundamentals improving as Russian supplies fall and demand for diesel autocatalysts rise. We believe Russian stockpile sales, which had been more than one million ounces in a 7moz market, are disappearing quickly. Demand for diesel autocatalysts continues to rise. With Europe likely to move to Euro 6 emission standards by 2014, we expect manufacturers to switch to more a cost effective Pt/Pd (2:1) mix thus increasing demand for palladium."
Stillwater Mining closed at $13.55 on Monday.
Latest Ratings for SWC
|Jul 2015||Bank of America||Downgrades||Buy||Underperform|
|Jul 2015||JP Morgan||Maintains||Neutral|
|Apr 2015||RBC Capital||Maintains||Sector Perform|
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