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Why Macquarie Group Ltd has upgraded Orocobre Limited

Global advisory firm Macquarie Group Ltd (ASX: MQG) has upgraded mining exploration company Orocobre Limited (ASX: ORE) to outperform from neutral.

Orocobre focuses on the construction and operation of its portfolio of lithium, potash and boron projects and facilities in the Puna region of northern Argentina.

Macquarie has made the stock upgrade after the significant fall in share price out of Orocobre this calendar year, readjusting its target price to $6.80 from $7.15.

Orocobre shares were up 1.6% to $5.45 at the time of writing, but have fallen 26.7% from its 52-week high of $7.44.

Resource shares have pushed higher to start the post-Easter trading week as news of a trade war between the US and China simmers down.

Shares in BHP Billiton Limited (ASX: BHP) climbed higher today up 1.7% to $28.71 at the time of writing, with similar rises also noted for Rio Tinto Limited (ASX: RIO) which was up 1.5% to $73.80 at the time of writing and South32 Ltd (ASX: S32) – also on the rise at $3.23.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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