The Globe and Mail reports in its Friday, Jan. 12, edition that Canaccord Genuity analyst Dalton Baretto, in a report previewing 2024 for base metals producers titled "(Almost) Cleared For Take-off," downgraded a pair of stocks based largely on valuation concerns. The Globe's David Leeder writes in the Eye On Equities column that Mr. Baretto lowered Lundin Mining to "hold" from "buy," with $11.50 share target, up from $11. Analysts on average target Lundin shares at $11.76. Mr. Baretto cut Champion Iron to "hold" from "buy" with $7 share target, up from $6.25. Analysts on average target Champion shares at $8.10. Mr. Baretto says in a note: "We see a clearing runway ahead for commodities as the economic cycle bottoms, central banks pivot to rate cuts, and sentiment improves. We also see more aggressive policy responses by the Chinese government as a nontrivial probability that could serve as a significant tailwind for commodity pricing. That said, in the biggest election year in history, we see geopolitics as a wild card that could impact supply, demand, and sentiment in unpredictable ways, particularly given proxy wars between the two geopolitical blocs in Ukraine, Palestine and potentially Guyana and Taiwan."