Barclays cuts Fresnillo, Valterra on stretched valuations versus peers
Barclays downgraded Fresnillo (FRES) and Valterra Platinum to 'underweight,' citing stretched valuations. It cut Fresnillo's price target to 2,500 pence and Valterra's by 10% to 1,260 rand. Barclays prefers Endeavour Mining and Hochschild Mining, forecasting Endeavour's strong returns and cash accumulation.