* Updating our Basic Materials Most /Least Preferred List
In this report, we publish our list of most/least preferred stocks in the Basic Materials sector. The list is consistent with our fundamental 12 month opinions, but is intended to appeal to investors with a shorter-term time horizon. The full rationale for our recommendations on each stock is contained in the most recent stand-alone research for each company, which you are advised to read.
* Replacing Norsk Hydro with cash
Following our double downgrade of Norsk Hydro to Underperform yesterday, we are removing Hydro (PO NOK40) from our Most Preferred List and replacing it with cash.
* Most Preferred List: Replacing Norsk Hydro with cash
Vedanta, Syngenta, and cash
* Least Preferred List: We make no changes
Rio Tinto, Voestalpine, Umicore.