Just to be clear the prices are in Canadian dollars.
BMO Capital upgraded Nevsun Resources (NYSE: NSU) from Market Perform to Outperform with a C$4.25 price target (down from $C4.50).
Analyst Alex Terentiew commented, "Nevsun reported a new resource update this morning with encouraging data points, including estimated higher zinc (Zn) recoveries from the Harena deposit, and a new high-grade resource at Asheli. As NSU's original Zn and copper (Cu) recovery targets are not yet proven to be achievable, we are modelling more conservative long-term recovery forecasts for Bisha. NSU's share price has not rebounded post the dividend cut last month and we believe the price has now reached an attractive valuation point, despite our more conservative forecast. We therefore upgrade NSU to Outperform."
For an analyst ratings summary and ratings history on Nevsun Resources click here. For more ratings news on Nevsun Resources click here.
Shares of Nevsun Resources closed at $2.47 yesterday.