MOSCOW, April 8 (PRIME) – Morgan Stanley has adjusted its recommendations and assessments of certain securities for a number of Russian metallurgical and mining companies, according to a review by the bank.
Shares of steel giant Evraz were upgraded from “hold” to “buy.” Aluminum producer Rusal saw an upward revision to “hold” from “sell,” with the share price forecast going up for both companies.
Russia’s gold-mining companies Polymetal International, Polyus Gold, and the global depositary receipts of Nordgold have seen a forecast increase for the share prices as well as a reconfirmed recommendation to “sell.”
American depositary receipts of Mechel and JSC Raspadskaya were the only two securities to get a forecast price downgrade. The investment bank confirmed the “sell” recommendation for both.
The generally positive outlook of Morgan Stanley confirms a level of stability of the Russian economy amid the threat of sanctions from the West.
The economic sanctions against Russia proposed in light of the geopolitical tensions around Ukraine are seen by Russia as counter-productive. Moscow insists economic ties should not fall victim to political disagreements.