Sandfire Resources Downgraded to Neutral by Macquarie; Net Debt Declines 27%

Macquarie downgraded Sandfire Resources to Neutral from Outperform, setting a target price of A$10.90. The firm reduced its earnings per share estimate for FY25 by 4% due to the stock's strong performance. Sandfire reported a 16% increase in group copper equivalent production, an 87% increase in underlying EBITDA, and a 27% decline in net debt. However, heavy rainfall poses emerging risks at MATSA and Motheo operations, and the company did not declare an interim dividend for the first half of FY25.