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BUZZ-DB turns more positive on CEEMEA miners

Reuters - UK Focus

** Deutsche Bank (IOB: 0H7D.IL - news) turns more positive on CEEMEA metals and mining sector, upgrading Norilsk, Evraz (LSE: EVR.L - news) and Severstal

** DB keeps industrial metals, specifically aluminium and zinc, as its top pick, and stays cautious on bulks given poor supply fundamentals

** Says Evraz is its top pick, upgrades the stock to 'buy' from 'sell' pointing to transformational change in the company's capital structure, assisted by organic free cash flow generation and asset disposals

** It ups Norilsk to 'buy' from 'hold' noting that nickel accounts for about 25% of the company's revenues compared to about 48% on avg for the past 10 years

** In steel, raises Severstal to 'hold' from 'sell' following a period of underperformance