UBS has downgraded its recommendation on Anglo American from 'buy' to 'hold', despite raising its target price from 2,500 pence to 2,750 pence, noting that restructuring will take time for the South African mining company.

There is upside potential in a number of areas, but it will take time to materialize", says the broker, who now considers that "the risk-return associated with commodity prices is more balanced".

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