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South32 (ASX: $South32 Ltd (S32.AU)$ ) Rating: OUTPERFORM Pr...

South32 (ASX: $South32 Ltd(S32.AU)$ )
Rating: OUTPERFORM
Price target: $3.90
Latest close: $3.76
We note ~45% of S32’s net present value is aluminium, the tariffs could help the company to further re-rate, in our view
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