Copper and zinc prices have seen strong moves over the past month, with spot prices rising 12% and 18%, respectively. We have upgraded our medium-term price outlook for both commodities, which has significantly enhanced SFR’s earnings outlook. The stronger forecast cash generation should see SFR de-gear its balance sheet and move to a net cash position before the end of 2025. We are reiterating our BUY rating on SFR and lift our price target 13% to A$13.10 due to the stronger earnings and cash flow outlook.
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