stockwatch Globe says Copper Mountain lowered to "sector perform"
2022-07-20 08:07 ET - In the News
The Globe and Mail reports in its Wednesday, July 20, edition that National Bank Financial analyst Shane Nagle has lowered his recommendation for Copper Mountain Mining to "sector perform" from "outperform," recommending "caution" given the potential for "weak second quarter financial results and potentially negative near-term guidance revision." The Globe's David Leeder writes that Mr. Nagle gave his share target a 50-cent cut o $2.25. Analysts on average target the shares at $4.33. Mr. Nagle says in a note, "While we continue to expect an updated LOM [life of mine] plan at Copper Mountain Mine to showcase longer-term optionality of the portfolio, we would be remiss if we didn't recommend caution ahead of what we believe to be weak Q2 financial results and potentially negative near-term guidance revision." The Globe reported on April 20 that Stifel analyst Alex Terentiew had returned to Copper Mountain Mining with a "buy" recommendation. In the item he said he expected Copper Mountain to pay for its growth though "organic and with incremental debt capacity." The shares could then be had for $3.70. The Globe reported on July 7 that Mr. Nagle rated the shares "outperform," which were then worth $1.75.