Hudbay Minerals Inc T.HBM

RBC expects negative reaction

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07:52 AM EST, 02/24/2023 (MT Newswires) -- RBC Capital Markets said Thursday that it expects a negative reaction from Hudbay Minerals Inc. (HBM.TO)'s shares to the company's 2023 production guidance that was 11% below RBC's estimates, although the miner's results in the fourth quarter of 2022 met expectations.

Hudbay booked an adjusted EPS of $0.01, slightly below consensus of $0.02 but above RBC's loss forecast of $0.05 per share.

Adjusted EBITDA totaled $125 million, beating RBC's estimate of $86 million and consensus forecast of $121 million.

Hudbay set a 2023 copper production guidance range of 100,000 to 128,000 tonnes, below RBC's projection of 128,000 tonnes. The company's output targets for zinc, gold and silver also missed RBC's estimates.

Meanwhile, National Bank of Canada expects Hudbay's share to trade modestly ahead of peers, citing the modest headline beat and in-line operating and capital guidance for 2023.

The bank gave the miner a sector perform rating with an $8.75 price target.

[clamlinguine]

Thanks for keeping us up to date all these years!

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Been here a long time. Longer term may prove positive but the next 12 months more of the same? No disrespect to Hudbay effort. Simply put there are other ventures with more upside in a downside market. Hudbay is a $6 $8.00 perhaps $9.00 on the estimates? No wonder the big shareholder sold. Not unhappy just the long term potential is not on my horizon. Exit point ?