Citigroup downgrades these ASX mining stocks after a big rally

Analysts may be revising up their valuations for ASX miners but the sector’s big recent run prompted Citigroup to cut its recommendation on some stocks.

The commodity that has been leading the charge higher is iron ore as the Chinese economy rebounds solidly from the COVID‐19 mayhem.

Other metals have also performed well as confidence about global growth got a boost with positive vaccine news.

Good news priced in

Analysts are left scrambling to upgrade their valuations for ASX miners, but this may not be enough to keep some ASX stocks in the good books.

Citigroup increased its price targets across the board for ASX miners. But it doesn’t believe there’s significant upside from current prices for most hard commodities,…