SFR rallied +1.7% on Monday, in line with a strong move by copper during our time zone. Last week saw SFR dip over ~6% after UBS downgraded the stock from Buy to Neutral. We believe a large portion of the decline was caused by the market being “caught long” SFR as it became the major proxy for ASX copper exposure after BHP took over OZ Minerals (OZL).
- We believe SFR is becoming rich from a valuation perspective as it approaches $7 hence as discussed previously we are considering a switch.
MM is cautiously optimistic towards SFR
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