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Globe says Sclodnick keeps Integra Resources at "buy"
2021-10-08 07:56 ET - In the News
The Globe and Mail reports in its Friday edition that Desjardins Securities analyst John Sclodnick has reiterated his "buy" call for Integra Resources. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sclodnick elevated his share target to $7.25 from $6.76. Analysts on average target the shares at $7.48. Mr. Sclodnick says in a note: "In our view, while the increased capex could be a near-term headwind in this inflation-obsessed market, ultimately the higher production profile should be more attractive to a potential acquirer. We are maintaining our 'buy' rating, with two major catalysts expected in the fourth quarter. The company expects to release the DeLamar pre-feasibility study in mid-November, which will be based on an updated resource update. We believe that the potential inclusion of some of the higher-grade veins below the current Florida Mountain pit shell could improve economics beyond what we currently model." The Globe reported on May 21 that Mr. Sclodnick rated Integra "buy" in new coverage. The shares could then be had for $3.99. The Globe reported on Sept. 29 that iA Capital analyst George Topping commenced coverage on Integra with a "buy" rating when it was worth $2.93.
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