Anglo American Shows 1Q Production Growth but Shares Remain Overvalued
Anglo American reported decent first-quarter 2017 production results, with copper equivalent production increasing 9% year on year. Production growth in diamonds, iron ore, met coal, and thermal coal were partly offset by declines in copper and nickel. We continue to contend Anglo American shares are significantly overvalued and will sell off with lower iron ore and met coal prices. We do not plan to make any changes to our GBX 430 per share fair value estimate.Iron ore prices have already beg...
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