Citigroup Inc. cut its recommendation on OAO GMK Norilsk Nickel, citing a ``weak outlook'' for the metal and a dispute between shareholders.
The bank, which cuts its recommendation to ``sell'' from ``hold,'' also reduced its 12-month share price estimate 78 percent to $69.
``Nickel, copper and PGMs fundamentals are weak and, in addition to a fundamentally weak outlook, we believe that the ongoing battle for control could be damaging for the company,'' Moscow-based Citigroup analyst Daniel Yakub said in a report today.
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