0132 GMT - South32's stock appears to be gaining tailwinds, according to Citi analysts Paul McTaggart and Ephrem Ravi, who upgrade the miner's shares to buy from neutral. They expect improved cash generation in 2H FY 2025, with a working capital unwind and lower unit operating costs on higher production. South32 is also likely to expand buyback activity and, by FY results, update investors on a possible sale of its Cerro Matoso nickel operation. "Investors would likely soon shift their focus to FY27 with yet higher production and our FY27 [copper] price of US$4.76/pound for EV/Ebitda of 3.1x," the analysts say. Citi's target goes to A$4.00 from A$3.90. South32 is up 1.1% at A$3.61/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

February 13, 2025 20:32 ET (01:32 GMT)

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