Globe says Ascendant Resources rated "speculative buy" Feeling optimistic.....
Globe says Ascendant Resources rated "speculative buy"
2017-09-11 08:23 ET - In the News
The Globe and Mail reports in its Saturday, Sept. 9, edition that Echelon Wealth Partners analyst Matthew O'Keefe, citing Ascendant Resources' (74 cents) "well thought-out turnaround strategy" and potential stemming from its recent acquisition of the El Mochito mine in Honduras, commenced coverage with a "speculative buy" rating. The Globe's David Leeder writes in the Eye On Equities column that Mr. O'Keefe set a price target for the stock of $1.50. Analysts on average target the shares at $1.53. Mr. O'Keefe says in a note: "With zinc prices on the rise as lack of new supply comes to bear, pure-play zinc investments are few. We highlight Ascendant Resources as a new, pure-play zinc producer currently overlooked by the market. With its recent acquisition of the El Mochito mine in Honduras, the company is on track to bring the mine back to its former glory." Mr. O'Keefe calls the company's 100-per-cent-owned El Mochito mine, acquired in 2016, "a turnaround story with growth upside." He says: "The capital raised by ASND is being used to catch up on development, exploration, and upgrading the aging mining fleet. Exceptional progress has been made on the operations side."
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