RBC's Wong
Globe says RBC's Wong lauds Largo's "strategic shift"
2021-08-17 09:10 ET - In the News
The Globe and Mail reports in its Tuesday, Aug. 17, edition that RBC Capital Markets analyst Andrew Wong is confident Largo Resources is making the right clean energy moves. The Globe's David Leeder writes that Mr. Wong continues to rate Largo "outperform." Mr. Wong lowered his share target by a loonie to $25. Analysts on average target the shares at $26.20. Mr. Wong says in a note: "Although Largo's strategic shift toward the clean energy battery business will take time and may come with growing pains, we continue to see significant value in the transition, which will be supported by improved operations and cash flows from the traditional mining business. Additionally, tight vanadium markets are supporting strong prices that may persist through next year, which Largo should benefit from due to the recently completed expansion." The Globe reported on Aug. 17, 2019, that Mr. Wong rated Largo "outperform" when it was worth $10.56 (adjusted for a 10-to-one consolidation). The Globe reported on Jan. 15 that Credit Suisse raised Largo to "neutral" from "underperform." It was then worth $10.14. The Globe reported on July 1 that Mr. Wong reiterated his "outperform" call when the shares could be had for $19.30.