HBM/AZC IN THE GLOBE Globe says Lampard hikes HudBay target to $13.50
Ticker Symbol: C:HBM
Globe says Lampard hikes HudBay target to $13.50
HudBay Minerals Inc (C:HBM)
Shares Issued 193,021,710
Last Close 7/9/2014 $11.00
Thursday July 10 2014 - In the News
The Globe and Mail reports in its Thursday, July 10, edition that Canaccord Genuity has raised its price forecasts for base metals, but lowered them for uranium prices. The Globe's Darcy Keith and Tim Shufelt write in the Eye On Equities column that Canaccord analyst Gary Lampard says: "We are forecasting 2014 and 2015 surpluses for copper, before a return to deficit from 2016. We believe zinc is already in deficit, but visible inventories remain high. We are forecasting that the nickel market will return to deficit this year, but that extremely high ore and metal inventories are likely to limit the impact on the physical market for at least one to two years. We continue to see the global uranium market in surplus." Mr. Lampard gave a hefty hike to his price target on HudBay Minerals ($11), boosting it by $2.50 to $13.50, as he maintained a "buy" rating. In addition to the higher expectations for base metal prices, HudBay's increased target reflects Mr. Lampard incorporating the recent acquisition of Augusta Resource and its Rosemont copper project in Arizona. Dundee Securities analyst David Charles maintained his "buy" rating on HudBay in the Eye column on May 27. The shares could then be had for $10.58.