WSJ材料行业Market Talk汇总多家公司业绩与评级观点，Nutrien因估值修复被下调评级

The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0630 GMT – Hochschild Mining’s results for the first half of the year should see a neutral reaction from investors, RBC Capital Markets analyst Marina Calero writes. The precious metal miner had previously reported many of its metrics and the remainder are in line with expectations, she says. Shares should recover over the rest of the year as gold and silver prices recover and production at its open pit gold mine in Brazil, Mara Rosa, improves, she says. Shares closed Tuesday at 625.50 pence. (adam.whittaker@wsj.com)

0242 GMT – Perseus Mining “has placed a strong emphasis on returning capital to shareholders,” says Citi. The gold miner’s FY dividend of A$0.14 a share is 20% higher than consensus, Citi says. It also notes the miner’s new dividend policy and proposed special distribution from the Meyas Sand sale. Perseus also reported increases to its resources and reserve estimates. “We expect the stronger outlook of shareholder returns and increased mine life will be taken positively, offset by the higher than expected capex,” Citi says. Perseus provided FY27 guidance for sustaining capital that’s 34% higher than consensus, says Citi. Its development capital estimate is 16% higher, the bank says. Citi has a buy-high risk rating on Perseus, with a A$6.80 a share target. Shares are up 11% at A$6.79. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0234 GMT – Uranium miner Paladin Energy records a solid FY26 result, reflecting the successful ramp-up of its Langer Heinrich operation, Morgans says. “Production landed at the upper end of guidance, costs were at the lower end, and the balance sheet strengthened materially,” says the broker. Paladin’s strengthening operating performance has translated into positive net operating cash flow for the first time this decade, Morgans says. It views Paladin as now having increased flexibility to fund future growth initiatives. FY27 will “test PDN’s ability to consistently deliver at nameplate rates while advancing the Patterson Lake South (PLS) project,” says Morgans. The broker has a buy rating and A$12.50/share target on Paladin. Shares are up 4.4% at A$12.49. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0204 GMT – Sandfire Resources posts “a very strong result” with a dividend beat, says Morgans. The copper miner’s final dividend of 0.35 Australian dollar a share compares with an estimate of A$0.19/share by Morgans and the market more broadly, the broker says. Underlying Ebitda and profit are in line with expectations, albeit were “preguided at the quarterly” last month, Morgans says. The fiscal 2027 cost and capex guidance is also in line with expectations, it says. Morgans has an accumulate rating on Sandfire, with a A$22/share target. The stock is up 7.8% at A$24.55. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0153 GMT – Lynas Rare Earths’ FY earnings fall short of consensus expectations on higher ramp-up costs from new facilities, says Morgan Stanley. FY26 Ebitda of A$386.0 million is 4% below consensus. “Higher non-China input costs and geopolitical cost escalation” also hurt earnings, MS says. The bank has an equal-weight rating and A$15.70/share target on Lynas. Shares are down 7.2% at A$15.40. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1540 GMT – After a strong summer rally, potash producer Nutrien has now closed a valuation discount gap, says National Bank of Canada’s Ahmed Abdullah, prompting the firm to cut its rating to sector perform from outperform. Nutrien is up more than 10% since Abdullah initiated coverage back on July 12. While a modestly higher multiple is warranted, he says, “the revision reflects more of peer multiple dynamics and not earnings changes at this juncture.” Even with the downgrade, Abdullah raises the target price to $77 from $74. Nutrien is off 2.7% lower at $72.31. (adriano.marchese@wsj.com)

0924 GMT – Gold Fields’ first-half earnings are unlikely to deliver material changes to consensus expectations, J.P. Morgan analysts write. This is after the miner backed its guidance and delivered results in line with its trading update, they say. Shares are up 0.9% to 76,493 South African cents. (adam.whittaker@wsj.com)