UPDATE: JP Morgan Upgrades Stillwater Mining to Overweight on Palladium Fundamentals

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JP Morgan upgraded Stillwater Mining
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.
Posted In: Analyst ColorUpgradesAnalyst RatingsJP Morgan
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