HOCHSCHILD

423.75p +5pBroker says HOLD

UBS has downgraded its rating on Hochschild Mining and cut its price target on the Peru-based precious metals producer, citing lower gold production forecasts.

The Swiss broker now has a "neutral" stance on the shares, down from "buy" previously, with a price target of 470p versus 500p before.

It also pointed out that Hochschild does not trade at significant discounts to North American peers and will likely face rising cost pressures.