Globe says CIBC's Adams rates O3 Mining "outperformer"
2020-06-29 08:28 ET - In the News
The Globe and Mail reports in its Saturday, June 27, edition that CIBC World Markets analyst Bryce Adams began coverage on O3 Mining ($2.44) with an "outperformer" rating on Thursday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Adams targets the shares at $5, which is 91 cents ahead of the consensus. Mr. Adams says in a note: "O3 Mining was created as a spin-out of Osisko Mining's non-core assets, as its flagship project, Windfall, quickly advanced. Since the spin-out, management has been transactional, with a focus on growing its position in the Val d'Or region. O3 Mining is well seeded with 5Moz gold in global resources. We expect the successful Osisko model to repeat, and for the Osisko group to lend its experience and technical expertise to O3 Mining, the next chapter of Canadian growth under the Osisko banner. We believe the combination of a strong management team, premium location, and significant, but undervalued resource offers compelling investor appeal." The Globe reported on Aug. 28, 2019, that Canaccord Genuity analyst Tom Gallo began coverage on O3 Mining with a "speculative buy" call and $4.50 share target. The shares could then be had for $2.66.
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