UBS believes that the outlook is improving. The analyst confirms his Buy recommendation on the stock, with an unchanged target price of 2,500 pence, representing a potential upside of 35%.

' We are Buy on Anglo as we are bullish on copper; PGM fundamentals are starting to look pretty compelling (and provide a good hedge against iron ore weakness)... ' says UBS.

' Anglo is looking to simplify its portfolio... we consider diamonds and nickel to be strategically less important. The price of copper remains the main short-term catalyst... ' says UBS.

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