Deals
Liberum Stock Picker Loses Faith Hours Before $2.4 Billion Bid
- Copper miner KAZ Minerals downgraded ahead of buyout offer
- Top analyst cites ‘terribly bad luck’ on recommendation
KAZ Minerals surged 9.7%, adding 262 million pounds of market value and putting it on track to close at the highest level since May 2019.
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Even the best stock pickers can get their calls wrong.
Liberum Capital Ltd. analyst Ben Davis is probably wishing he hadn’t pressed send on his Oct. 27 report downgrading KAZ Minerals Plc. He cut the copper miner to “hold” and lowered its target price to 470 pence -- indicating 19% downside from its last close.