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Analyst ratings are quantitative and qualitative analysis of a stock by Wall Street stock rating analysts. Stock ratings consist of expected future growth, current stock valuation and macroeconomic trends.

Dominic O'Kane's

copper ai

After correcting over 22% since its peak at $5.08 per pound in May, copper finally found its footing after China announced significant stimulus measures. The market is now awaiting Saturday&#8217;s comments from China&#8217;s Finance Minister Lan Fo&#8217;an, who could clarify the stance on further infrastructure spending and commodity demand, which would be positive<a href="https://www.benzinga.com/topic/copper"> for copper prices</a>.



However, this rebound is not rooted in supply-side constraints. Chilean state miner Codelco reported a 10.1% increase in copper production in August, alleviating immediate concerns about shortages.



From a performance standpoint, copper miners have had a strong year. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) is up 25.7% year-to-date, outpacing the S&amp;P500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which has gained 22.54%.



Still, JPMorgan warned that U.S. elections could introduce significant volatility into the metals markets. 



"Metals markets aren't pricing in significant risk premiums for trade-related outcomes, like higher tariffs, despite this being a concern raised by clients," JPMorgan's Executive Director of Mining Equity Research Dominic O'Kane wrote in a note,<a href="https://www.bloomberg.com/news/articles/2024-10-10/jpmorgan-says-european-miners-underpricing-us-election-risk"> according</a> to Bloomberg.



The investment bank also downgraded Anglo American (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>) from Overweight to Neutral but set its new price target slightly higher, at £23.35 ($30.50). The British multinational miner made headlines earlier this year when BHP's <a href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve">failed $49 billion bid </a>marked a short-term peak in copper prices.



Yet, despite the decline since the peak in May, the long-term bullish thesis about electric vehicles (EVs) remains intact.



Copper's role in EV production—used in wiring and batteries—solidifies its position in the green energy transition. According to Rho Motion,<a href="https://rhomotion.com/news/china-first-country-to-sell-over-a-million-evs-in-a-month/"> EV</a> sales in the U.S. and Canada continue to grow around 9% year-to-date, and while there has been some volatility in quarterly sales this year, the overall growth trajectory is strong.



IXM's head of refined metals, Tom Mackay, noted that demand for copper in EVs remains healthy despite short-term uncertainties, Reuters reports.



On the technical side, copper is still not in the clear. The metal established a low on Aug. 7, following a broader market selloff. Since then, it rose from $3.95 per pound to a new high of $4.67. Currently, it remains between $4.40 and $4.60, where a decisive break of these levels would open the doors to a more significant move—a feat that might play out after the November elections.



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Copper rebounded due to China&#39;s stimulus measures, but JPMorgan warns of possible volatility from US elections. EV demand keeps long-term outlook bullish.

Copper Rebounds As China&#39;s Stimulus Boosts Market Sentiment, But US Elections Loom Large

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.



<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/636e1b25ae71ff0001ec007e/dominic-o'kane">JP Morgan analyst Dominic O&#8217;Kane</a> downgraded the rating for ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) from Overweight to Neutral. ArcelorMittal shares gained 0.6% to close at $24.76 on Thursday. <a href="https://www.benzinga.com/quote/MT/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Wells Fargo analyst Andrew Bauch downgraded the rating for Flywire Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLYW#NASDAQ">FLYW</a>) from Overweight to Equal-Weight and slashed the price target from $20 to $18. Flywire shares rose 2.7% to close at $16.49 on Thursday. <a href="https://www.benzinga.com/quote/FLYW/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Seaport Global analyst Richard Safran downgraded the rating for General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) from Buy to Neutral. General Dynamics shares fell 0.9% to close at $296.05 on Thursday. <a href="https://www.benzinga.com/quote/GD/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Morgan Stanley analyst Joseph Moore downgraded the rating for Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) from Overweight to Equal-Weight and lowered the price target from $130 to $120. Qorvo shares fell 0.7% to close at $101.50 on Thursday. <a href="https://www.benzinga.com/quote/QRVO/analyst-ratings">See how other analysts view this stock</a>.</li>



<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/585939c2ee7bf600010fe946/vijay-rakesh">Mizuho analyst Vijay Rakesh</a> downgraded Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) from Outperform to Neutral and lowered the price target from $30 to $13. Mobileye gained 1.8% to settle at $12.29 on Thursday. <a href="https://www.benzinga.com/quote/MBLY/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>



Considering buying GD stock? Here&#8217;s what analysts think: 



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-1024x490.png" alt="" class="wp-image-591352" style="width:631px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-1024x490.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-300x143.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-768x367.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89.png 1313w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



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