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On Tuesday, BofA Securities made a positive adjustment to HudBay Minerals ' (NYSE:TSX:HBM) stock, upgrading it from Neutral to Buy and setting a new price target of $9.00. The upgrade is based on a bullish outlook for copper, with expectations for tight mine supply to constrain refined production while demand remains steady, largely due to energy transition initiatives.
BofA Securities noted that their commodities team anticipates copper prices to reach $12,000 per tonne, equivalent to $5.44 per pound, by the year 2026. This projection has led to an increase in price objectives (POs) across much of their copper coverage.