Copper Equities Down 5.5% Week over Week, RBC Says

-- Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.

Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.

Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.

Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from their

Chilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.

Price: $78.52, Change: $-3.72, Percent Change: -4.52%

瑞銀稱，Brown & Brown第一季財報顯示，其有機營收成長持續承壓。

瑞銀在一份報告中指出，Brown & Brown (BRO) 的第一季財報顯示，儘管其每股收益和調整後利潤率均好於預期，但公司有機收入成長依然承壓。瑞銀週一表示，Brown & Brown第一季有機營收成長持平，低於瑞銀先前預期的2%和市場普遍預期的1.3%。瑞銀也指出，該指標已剔除了1,000萬美元的訴訟相關收入損失，這一數字與預期相符。展望未來，瑞銀表示，Brown & Brown預計第二季災害性財產保險費率將繼續面臨下行壓力，而經濟成長應保持相對穩定。瑞銀補充道，公司資本配置將專注於股票回購和償還債務，同時也積極參與一些特殊項目和小額交易。瑞銀維持對Brown & Brown股票的「中立」評級，目標價為81美元。週二，Brown & Brown股價下跌超過6%。Price: $62.07, Change: $-4.06, Percent Change: -6.13%

$BRO

TD Cowen 將 Incyte 的目標股價從 123 美元上調至 124 美元。

根據FactSet調查的分析師報告，Incyte (INCY) 的平均評級為“增持”，平均目標價為109.10美元。（報道北美、亞洲和歐洲主要銀行及研究機構的股票、商品和經濟研究。研究機構可透過以下連結聯絡我們：https://www..com/contact-us）Price: $94.83, Change: $-0.89, Percent Change: -0.93%

$INCY

Copper Equities Down 5.5% Week over Week, RBC Says

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瑞銀稱，Brown & Brown第一季財報顯示，其有機營收成長持續承壓。

TD Cowen 將 Incyte 的目標股價從 123 美元上調至 124 美元。