The South32 Ltd (ASX: S32) share price is rocketing upwards on Wednesday, outperforming the marketâs biggest mining stocks.
Itâs gains come amid news the company has been excluded from a series of broker downgrades. Even more excitingly, itâs been upgraded.
Right now, the South32 share price is up 3.33%, trading at $4.195.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.31% right now. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) is up 0.53%.
Letâs take a closer look at what might be driving the ASX 200 miner higher on Wednesday.
Whatâs going right for South32’s stock today?
The South32 share price is outperforming those of the marketâs biggest miners on Wednesday despite the companyâs silence.
Indeed, while itâs gaining 3.33%, shares in its one-time parent company BHP Group Ltd (ASX: BHP) is in the red, falling 0.07% to $46.05.
At the same time, the Rio Tinto Limited (ASX: RIO) share price is up just 0.2% and Fortescue Metals Group Limited (ASX: FMG) stock has slumped 0.25%.
JP Morgan has downgraded several ASX 200 mining stocks, cutting its expectations for the likes of Rio Tinto and Fortescue, The Australian reports. Meanwhile, UBS reportedly downgraded BHP and Rio Tinto shares yesterday.
Dodging the brokersâ wrath, however, was South32. Indeed, JP Morgan was said to have upgraded the stock from neutral to overweight.
And it isnât the only broker bullish on the stock. Morgans tips South32 shares to lift to $5.40, representing a potential 29% upside on their current level, as my Fool colleague James reports.
South32 share price snapshot
Todayâs gain has boosted the South32 share price back into the year-to-date green.
The stock is 3% higher than it was at the start of 2022. It has also gained 10% since this time last year.
For comparison, the ASX 200 has fallen 5% year to date and 2% over the last 12 months.
The post Hereâs why the South32 share price is shooting north today appeared first on The Motley Fool Australia.
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More reading
- Morgans says these ASX 200 resources shares have almost 30% upside
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Here are the 3 most heavily traded ASX 200 shares on Friday
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended JPMorgan Chase. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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