Neutral/Negative Catalysts
- Short-term technical deterioration: negative and widening MACD + price below pivot after a large down day raises the chance of a further dip toward ~59 support.
- Fundamental quality mix: gross margin fell meaningfully YoY, which can cap multiple expansion if commodity prices cool.
- Valuation pushback risk: at least one notable downgrade (Bernstein) argues current valuation bakes in a higher copper price than they’re comfortable with.
