9 June 2026 | 12:18AM BST Equity Research Boliden (BOL.ST) Garpenberg reset clouds operational outlook; initiate at Sell BOL.ST 12m Price Target: Skr468.00 Price: Skr538.80 Downside: 13.1% We believe the market is underappreciating the operational complexity of ramping Garpenberg following the Mar‑26 seismic event, with downside risk to consensus expectations for production, capex and cash flow. In our view, stronger copper and zinc prices are masking this weaker underlying outlook. Even incorporating these ...