- LONDON: Industrial metals will be hurt by the European debt crisis and a slowdown in emerging markets, Deutsche Bank said and downgraded America’s biggest aluminum producer Alcoa to “hold” from “buy.”
Deutsche Bank cut price target on Alcoa to $14 from $20.
The brokerage said it favors gold producers and raised Freeport-McMoRan Copper & Gold Inc. and gold miner Goldcorp to “buy” from “hold” on strong balance sheets, cash flow outlook and rising dividend yields.
Deutsche Bank said it has a bullish outlook on precious metals in the backdrop of Euro sovereign risks and the US Federal Reserve commitment to keep interest rates on hold.