On the heels of an investor day, Oddo BHF has reaffirmed its 'outperform' rating on Eramet, raising its target price from €85 to €89, citing the improved medium-term potential of the company's growth projects.

"Despite persistently contrasting markets, we appreciate the good positioning of the main assets on the cost curve and the prospects for a significant rise in EBITDA in the medium term", explains the analyst.

The research firm also welcomes the reiteration that the mining and metallurgy group would no longer provide new financing to SLN, and that any investment decision on Sonic Bay would be subject to strict return-on-investment criteria.

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