GLOBE SAYS Globe says Hudbay Minerals maintained at "buy"
Hudbay Minerals Inc (C:HBM)
Shares Issued 350,775,418
Last Close 3/26/2024 $9.18
Wednesday March 27 2024 - In the News
The Globe and Mail reports in its Wednesday, March 27, edition that Stifel analyst Cole McGill has resumed coverage on Hudbay Minerals with a "buy" recommendation and a $11.25 share target. The Globe's David Leeder writes that analysts on average target the shares at $10.13. Mr. McGill says in a note: "Hudbay is a growth-oriented mid-tier base metals producer with significant leverage to copper and zinc. Hudbay offers investors exposure to base metals, primarily to copper through its top tier Constancia mine in Peru. Hudbay is also expected to deliver zinc growth through its operations in Manitoba. Hudbay also offers investors material exposure to gold, as higher gold grades from Constancia are expected to push gold production to over 350koz in 2024. Copper World in Arizona is the company's main growth project, but a complex permitting picture means we model Phase 1 of this project entering production only in 2030. Growth could also come from the Maria Reyna and Caballito satellite deposits in Peru, located just 12km and 6km from Constancia's mill -- though these are dependent on successfully realizing their substantial exploration potential and obtaining community support for drilling, an often time-consuming process."