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Fresnillo: UBS no longer on 'buy'

( - UBS downgrades its recommendation on Fresnillo from 'buy' to 'neutral' and its price target from 1,100 to 800 pence, citing an absence of “visibility on operational turnaround & cost risks” for the Mexican precious metals mining company.

“The 'operational turnaround is not materialising as we had hoped and higher cost guidance is a significant incremental negative”, says the broker in a research note.

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