Macquarie Raises South32 Price Target, Reaffirms ‘Outperform’ Rating

Fri 14 Mar 25, 12:01 AM | Team Kalkine

Macquarie analysts have raised their price target for Australian diversified miner South32 (ASX:S32) by 2%, from AU$4.41 to AU$4.50, while maintaining an “outperform” rating. The brokerage reiterated its preference for South32 among Australian miners, highlighting the company’s advantage of not being exposed to the volatile iron ore market.

The price target hike comes as Macquarie adjusted its outlook, with long-term copper and zinc price upgrades balancing out recent cuts to aluminium and alumina prices. The firm noted that while lower alumina prices impacted South32’s earnings, foreign exchange benefits — particularly from a weaker South African rand — helped cushion cost pressures.

Macquarie highlighted that South32’s renegotiation of power supply for its Mozal aluminium business could de-risk the asset and improve its longevity. Additionally, a potential sale of the Cerro Matoso nickel mine could free up cash and reduce closure liabilities, strengthening South32’s balance sheet.

“These strategic moves could enhance South32’s long-term profitability and reduce operational risks,” Macquarie noted, pointing to the company’s agile response to shifting commodity prices.

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