The South32 Ltd (ASX: S32) share price is rocketing upwards on Wednesday, outperforming the market's biggest mining stocks.
Its gains come amid news the company has been excluded from a series of broker downgrades. Even more excitingly, it's been upgraded.
Right now, the South32 share price is up 3.33%, trading at $4.195.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.31% right now. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) is up 0.53%.
Let's take a closer look at what might be driving the ASX 200 miner higher on Wednesday.
Image source: Getty Images
What's going right for South32's stock today?
The South32 share price is outperforming those of the market's biggest miners on Wednesday despite the company's silence.
Indeed, while it's gaining 3.33%, shares in its one-time parent company BHP Group Ltd (ASX: BHP) is in the red, falling 0.07% to $46.05.
At the same time, the Rio Tinto Limited (ASX: RIO) share price is up just 0.2% and Fortescue Metals Group Limited (ASX: FMG) stock has slumped 0.25%.
JP Morgan has downgraded several ASX 200 mining stocks, cutting its expectations for the likes of Rio Tinto and Fortescue, The Australian reports. Meanwhile, UBS reportedly downgraded BHP and Rio Tinto shares yesterday.
Dodging the brokers' wrath, however, was South32. Indeed, JP Morgan was said to have upgraded the stock from neutral to overweight.
And it isn't the only broker bullish on the stock. Morgans tips South32 shares to lift to $5.40, representing a potential 29% upside on their current level, as my Fool colleague James reports.
South32 share price snapshot
Today's gain has boosted the South32 share price back into the year-to-date green.
The stock is 3% higher than it was at the start of 2022. It has also gained 10% since this time last year.
For comparison, the ASX 200 has fallen 5% year to date and 2% over the last 12 months.
