BUZZ-Kaz Minerals: CS upgrades on near-term improved outlook

** Shares of copper miner Kaz Minerals up >1% after Credit Suisse upgrades to "neutral" from "underperform," on improved near-term outlook

** CS sees shares trading on near-term multiples, and with more upbeat outlook for near-term copper prices and sizeable EBITDA upgrades, also adds shares are fairly priced for the time being

** However, says is cautious on the company's longer-term outlook, as it will see elevated capex for next eight years pushing FCFs negative over the period and driving net debt up every year

** "We've lifted our copper price forecasts by 2/8% in 2019/20 with near term fundamentals improving despite negative sentiment around the US-China trade war," CS says

** CS raises PT to 570p from 400p, also raise its 2019/20 EBITDA estimates

** CS also revises KAZ peers' PTs: raises Antofagasta to 810p; cuts Norsk Hydro to NOK 45 and Boliden to SEK 220