UBS has downgraded Boliden AB from Neutral to Sell, setting a price target of SEK 300.00, citing company-specific challenges despite a recent 20% share price increase driven by a market rally in industrial metals. Key concerns include lower ore grades at Aitik and Garpenberg mines, uncertainties surrounding the Kevitsa mine, and reduced Treatment and Refining Charges in smelting operations. UBS warns that the market may not fully recognize the earnings pressures Boliden could face in 2025, suggesting the recent price rally is an opportunity to reconsider a Sell position.