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Jefferies upgrades Sandfire Resources to 'buy' after quarterly output beat

By Reuters News

** Analysts at Jefferies upgrade rating for Australia's Sandfire Resources SFR.AX to "buy" from "hold"; keep price target at A$25.50

** Copper miner posted on tuesday quarterly copper equivalent production of 38.9 kt, higher than last year's 35.6 kt and 7% above Jefferies' estimates

** The brokerage believes Sandfire's low-cost portfolio and defined development pipeline provide a credible pathway to material production growth

** Sandfire posted Q1 underlying EBITDA of A$272 million ($190.86 million), compared with A$157 million in the year-ago period

** Continues to see SFR as a quality copper exposure on the ASX, combining a streamlined, low-cost portfolio with a clearly defined development pipeline — Jefferies

** Stock up 9.5% YTD, as of last close


($1 = 1.4251 Australian dollars)

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