Oddo BHF raises its opinion on Eramet from 'neutral' to 'outperform', in view of the 38% upside potential for a share back to its mid-2021 levels, in relation to its new price target of 85 euros (vs. 89 euros previously).

Even if the lowering of Weda Bay's low-grade ore target is a disappointment, we are comforted by the overall good third-quarter performance in terms of production and costs", the analyst reacted to the latest trading update.

Oddo BHF also believes that the Investor Day on November 13 should help to improve perceptions of the Group, and that the share appears extremely cheap at just three times 2024 adjusted EBITDA, i.e. a 35% discount to other miners.

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