Dienstag, 18. Juni 2013

Minenaktien: J.P. Morgan schließt Shorts und wechselt ins Bullenlager

Die Hauptgründe für die neue, positivere Sichtweise bei J.P. Morgan über Mining Stocks:

".. So what’s changed for J.P. Morgan?
  1. Miners have significantly undershot metals prices, which are currently at double the fourth-quarter 2008 levels.
  2. Cost bases are unfavorable, capital discipline is still a problem, but miners are starting to cut capital expenditure aggressively.
  3. Free cashflow yield could turn positive again in 2014. While J.P. Morgan remains skeptical about that, its analysts say “the market could give the sector the benefit of the doubt for a while.”
  4. Sector valuations are more attractive — the relative price/book ratio is back to 2009 lows.
  5. The Dollar Index DXY has rolled over recently, closing a gap with metals prices. Unless the dollar index rallies sharply, miners could see a short-term bounce.
  6. Chinese commodity import volumes seem to have bottomed out, suggesting a moderate recovery in metals demand. Mining-equipment sales have inched up.
  7. Chinese commodity inventories are off recent highs."

Get back into beaten-down mining stocks: J.P. Morgan
June 17, 2013, 11:24 AM
In the same breath that it urges investors not to go short on stocks right now, J.P. Morgan Cazenove is urging a more positive view on mining stocks..
Link: http://blogs.marketwatch.com/thetell/2013/06/17/get-back-into-beaten-down-mining-stocks-j-p-morgan/?source=email_rt_mc_body

Quelle: bigcharts.com

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