Anglo American Page 7

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Anglo American Page 7

5) Anglo American (AAL)

Will shares pull back to support at 840p (-13%) or keep on moving up towards the highs of 1200p (+24%)?

Trading at 2016 highs after a very strong rebound
40% upside to two year highs of £14
China situation not as dire for commodities as previously thought
Consensus doesn’t need to shift much to turn positive

Broker Consensus: 29% Buy, 29% Hold, 42% Sell

Bullish: Bernstein, Outperform, Target 1250p, +30% (29 Sept)

Average Target: 856.6p, -11% (29 Sept)

Bearish: Societe Generale, Sell, Target 390p, -59% (22 July)

N.B. All pricing and consensus data was sourced from Bloomberg on 29 Sept. Recommendations and target prices are revised regularly due to heightened market volatility. Please contact us for a full, up to date rundown.

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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