Morgan Stanley Upgrades Nexa Resources to Overweight Amid Valuation Appeal
Nexa Resources (NYSE: NEXA) gained 2.1% in Wednesday trading after Morgan Stanley upgraded the stock from Equal Weight to Overweight, raising its price target to $14.20 from $13.50. The upgrade was driven by a compelling valuation despite recent gains of about 5% in zinc and copper prices. The firm highlighted that Nexa's share price has underperformed relative to the rise in metal prices, presenting an attractive entry point for investors. Additionally, Morgan Stanley noted Boliden’s tender offer as another catalyst supporting its positive outlook on the stock. This upgrade reflects confidence in Nexa Resources' fundamentals and potential upside amid favorable market conditions.
