Citigroup says time to buy mining companies
Big changes are underway for mining stocks, according to Citigroup and those changes will help benefit miners in 2014.
Citi is bullish on the sector for the first time in three years. It says it has concerns about the potential for long-term structural demand for commodities in China, but the firm foresees better bottom-up fundamentals.
Itt was better to be early than too late. The bank said it is most bullish on BHP Billiton (ASX:BHP) citing a reduction in volatility, improving U.S. and European growth that will help boost commodities, and weakening commodity currencies from major exporters such Australia, New Zealand and South Africa that will boost miners.
Earnings momentum has become positive too, as miners are cutting costs, improving balance sheets and aligning with shareholders’ interests.
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