Sherritt new price target * National Bank’s Shane Nagle raised his target for Sherritt International Corp. (
) to $1 from 65 cents with a “sector perform” rating. The average is 83 cents.
“We are utilizing a revised target multiple ascribing some value to near-term cash flow as shares are expected to benefit from elevated nickel, cobalt and fertilizer pricing,” said Mr. Nagle. “Our Sector Perform rating accounts for Sherritt’s targeted exposure to Nickel and Cobalt improving the outlook for distributions in the near term offset by the need to service debt commitments under our Base Case commodity price assumptions.