MW:Goldman upgraded Kazakhmys, First Quantum to buy
By Simon Kennedy
LONDON (MarketWatch) -- Goldman Sachs on Thursday upgraded copper miners Kazakhmys PLC UK:KAZ -0.95% and First Quantum Minerals Ltd. to buy from neutral, saying it remains bullish on the prospects for copper prices. Goldman said First Quantum has a "superior pipeline of growth projects and a track record of delivering projects at lower capital intensities than peers." Kazakhmys now looks attractive from a valuation point of view, though higher costs and lagging growth have hurt its industry positions, the broker said. Goldman also downgraded Antofagasta PLC UK:ANTO -1.72% to neutral from buy, saying it sees greater upside elsewhere in the sector.
