What does MM think about Sandfire Resources (SFR) shares?
Excuse the pun but what a difference a week makes, SFR has surged ~30% from its recent low accelerating higher on the weak $US and positive noises from China. We can see further upside from this high beta copper play, especially with BHP still looking to take over OZ Minerals (OZL), but we are likely to lighten our holding into further strength assuming it unfolds into 2023.
- We remain positive towards SFR but believe the stock is now closer to its destination i.e. our initial target was $5.
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