GLOBE SAYS Globe says Hudbay Minerals kept at "sector outperform"
Hudbay Minerals Inc (C:HBM)
Shares Issued 262,019,857
Last Close 2/8/2023 $7.16
Wednesday February 8 2023 - In the News
The Globe and Mail reports in its Wednesday, Feb. 8, edition that Scotia Capital analyst Orest Wowkodaw has reaffirmed his "sector outperform" recommendation for Hudbay Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Wowkodaw lowered his share target by $1 to $10.
Analysts on average target the shares at $9.78. Mr. Wowkodaw expects North American miners to post "stronger" fourth quarter financial results "driven by improved commodity prices and positive provisional pricing adjustments, partially offset by the lag affect of higher costs." Mr. Wowkodaw said in a research report released Tuesday: "Our estimates appear somewhat mixed relative to consensus expectations.
While 2023 guidance risks remain skewed to the downside given a tough operating environment and ongoing inflationary pressures, most miners have gotten in front of this disappointing news cycle by prereleasing. Although balance sheets remain strong, we forecast the majority of miners to generate negative free cash flow this quarter." The Globe reported on Nov. 13 that Mr. Wowkodaw had reiterated his "sector outperform" call for Hudbay Minerals when it could be had for $6.99.