GLOBE SAYSThe Globe and Mail reports in its Tuesday, April 2, edition that Canaccord Genuity analyst Dalton Baretto has reiterated his "buy" recommendation for Hudbay Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Baretto boosted his share target by $1.25 boost to $10.50.
Analysts on average target the shares at $10.52. The Canaccord stockpicker says in a note: "2024 guidance was unchanged from that released on Feb 23, while 2025 and 2026 copper and gold guidance are in line with our estimates on a consolidated basis.
We point to the significant (but anticipated) declines in production across all metals at Constancia in 2026 (the first year post-Pampacancha) as evidence of the need to progress other Constancia satellite deposits as fast as possible (although Copper Mountain helps offset the copper production decline).
In Manitoba, the team has prioritized gold production (highest NSR) at the expense of zinc; we note that studies on reprocessing tailings at Flin Flon are progressing, and we look forward to an update later this year. At Copper Mountain, guidance for the 2024-2026 period is in line with the very recent December, 2023, technical report."