It hasn't been a great day for the South32 Ltd (ASX: S32) share price. In afternoon trade the mining giant's shares are down 4% to $3.24.
Why are its shares lower?
On Tuesday South32 held its strategy day and provided the market with a business update.
With nothing new brought to the table, a number of leading brokers have held firm with their neutral ratings.
One broker, however, has lowered its price target following the update. Analysts at Macquarie have reduced their price target on South32's shares to $3.20
This is largely due to its belief that the prices of the commodities that South32 mines will decline in value in from hereon in.
Elsewhere Credit Suisse has a $3.10 price target on South32's shares and Ord Minnett has a higher target of $3.40.
