MMX Cut to “Neutral” at Bank of America on Capital Spending
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MMX Mineracao e Metalicos SA, the mining company controlled by Brazilian billionaire Eike Batista, was cut to “neutral from “buy” at Bank of America Corp., which cited higher-than-estimated capital expenditures.
The total investment of $2.9 billion is higher than Bank of America’s estimate of $2.2 billion, analysts including Felipe Hirai wrote in a note to clients.