http://www.marketwatch.com/story/anglo- ... 2010-02-02
MADRID (MarketWatch) -- Miner Anglo American /quotes/comstock/23s!e:aal (UK:AAL 2,447, +67.00, +2.82%) /quotes/comstock/11i!aauky (AAUK.Y 19.00, +0.85, +4.68%) was upgraded to buy from hold on Tuesday at Societe Generale, who said share prices look attractive following the recent sell-off. The investment bank also raised its target price to 3,000 pence from 2,900 pence, and said the company was very active at cutting costs in the first half of 2009 and positive momentum should continue into the second half. With regards to metals and mining overall, Societe Generale said the sector's correction is now complete. "Miners should be back for good," the analysts said. "Importantly, while we recognize that China is clearly in tightening mode, we are still convinced that China will continue with the fixed asset investment and infrastructure programs already approved by the government. The main drivers of demand will still be China and restocking in OECD countries gathering pace." The investment bank added that there is too much pessimism on steel prices as well, reiterating a buy rating on ArcelorMittal /quotes/comstock/13*!mt/quotes/nls/mt (MT 41.62, +0.92, +2.26%) /quotes/comstock/24s!e:mt (NL:MT 29.80, +0.70, +2.39%) .
