Credit Suisse’s Fahad T. increased his targe to $9 from $8.5 * Credit Suisse’s Fahad Tariq increased his targets for Hudbay Minerals Inc. (HBM-T -6.01%decrease) to $9 from $8.50 with an “outperform” rating and Lundin Mining Corp. (LUN-T) to $10.25 from $8.25 with a “neutral” rating. The averages are $9.51 and $9.13, respectively.
“Copper prices have rallied to start the year due to a number of factors, including a broad commodities rally on a weaker U.S dollar, potential Chinese demand rebound, and supply issues in South America. At the time of this writing, spot copper is a healthy $4.25 per pound. “Looking back at Q4-22, copper averaged $3.64/lb, 3.4 per cent higher quarter-over-quarter ($3.52/lb) so we expect higher copper revenues sequentially and potential positive provisional pricing adjustments. ... We expect copper prices to remain subdued in 2023 due to lower demand (despite China reopening), but remain constructive 2025+.”