More Upgrades National Bank’s Dan Payne raised his Headwater Exploration Inc. (HWX-T) target to $9 from $7.75 with an “outperform” rating, while Desjardins Securities’ Chris MacCulloch bumped up his target to $9 from $8 with a “buy” recommendation and BMO’s Ray Kwan also moved his target to $9 from $8 with an “outperform” rating. The average is $7.96.
“We are bumping our target ... following the release of encouraging Clearwater exploration results at Marten Hills West and the company’s acquisition of an additional 75 net sections of land,” said Mr. MacCulloch. “Although the stock carries a premium multiple reflecting its early stage of development and the optionality provided by $90-million of financial dry powder, we see clear visibility toward capital returns, with the eventual timing dictated by exploration results and potential M&A opportunities.”