Why this top broker just upgraded the battered St Barbara (ASX:SBM) share price to “buy”
The embattled St Barbara Ltd (ASX: SBM) share price is catching a break after Citigroup upgraded the gold miner following its devastating sell-off yesterday.
The St Barbara share price jumped 2.7% to $1.92 in early trade when the S&P/ASX 200 Index (Index:^AXJO) advanced 0.2%.
The bounce isn’t enough for St Barbara to reclaim most Wednesday’s losses due to a soft production report.
St Barbara share price tumbling into the “buy” zone
But the dip is a buying opportunity for those with a stronger stomach, according to Citi.
“On a risk-reward basis SBM now looks attractive following yesterday’s 8% selloff—for those willing to look through a likely narrow FY21e production miss and the reality that mining at depth at Gwalia…