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Why the OZ Minerals Limited share price is pushing higher

One of the top performers on the Australian share market on Wednesday has been the OZ Minerals Limited (ASX: OZL) share price.

In late afternoon trade the copper miner’s shares are up 3% to $9.18.

Why are its shares pushing higher today?

OZ Minerals’ shares have been given a boost today after the broker community responded positively to the release of its quarterly update on Tuesday.

One broker that saw enough in the result to upgrade its shares was Morgans.

According to a note out of the leading broker, its analysts have upgraded OZ Minerals’ shares to an add (buy) rating and lifted the price target on its shares to $10.05.

This equates to potential upside of 9.5% from the current share price.

The broker has made the move after making upward revisions to its copper price forecasts in 2018 and 2019.

OZ Minerals is currently trying to acquire Avanco Resources Limited (ASX: AVB) for $444 million.

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Motley Fool contributor Motley Fool Staff has no position in any 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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