UBS today announced the upgrading of its recommendation on Inmet Mining Corp. (TSX:IMN) to "Buy" from "Hold", with a target price of $103 a share. The company closed yesterday at $93.25, rising just over $3 on the day.

Inmet is focused on mining base metas with an emphasis on copper, zinc and nickel. The company has operations in Turkey, Finland, Canada, Paua New Guinea, Spain and Panama and employs 3,200 people worldwide. During 2007, the company earned $8.65 per share on assets of $840 million and $234 million in debt.