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BUZZ-Lonmin: Citi upgrade lifts stock clear of more than 20 yr lows

Reuters - UK Focus

** Lonmin (LSE: LMI.L - news) bounces clear of more than two-decade low hit recently & poised for biggest one-day rise since early Feb in heavy volume as Citi upgrades rating to "buy" on valuation grounds

** Stock jumps 6.5 pct, 2nd-best FTSE 250 riser & 2nd-most actively traded stock on index, with more than normal 90-day daily avg volume having already gone through

** Shares (Berlin: DI6.BE - news) lost c.60 pct of value over past yr. Platinum prices stubbornly low & co also hit by 5-mth strike last yr

** More recently (early Feb) main shareholder Glencore , eager to exit platinum mkt, announced intention to spin-off Lonmin stake to Glencore (Xetra: A1JAGV - news) shareholders

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** Lonmin weakness taken price to level which now offers 29 pct upside to Citi's TP - which broker cuts to £1.45 vs £1.87

** Citi - rated at 4 stars for recommendation accuracy on Lonmin, according to StarMine - does however now rate Lonmin as High Risk to reflect Trade Union risk & recently enhanced PGM price-sensitivity

** Lonmin is 10th-most shorted stock on the FTSE 250 , with 8.7 pct of its shares out on loan - vs around 4 pct in Jan - according to Markit (NasdaqGS: MRKT - news) data (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)