NB Raises TargetClearly they didn't have much choice and as can be seen, we already exceed the new target. GLTA
M&A activity is “stealing the show” heading into earnings season for base metals producers, according to National Bank Financial analysts.
“Alongside Q1 results, we await important updates with respect to Teck’s pending spin out of Elk Valley Resources, we anticipate an update on Lundin’s acquisition of Caserones and more details on possible synergies related to Hudbay’s proposed acquisition of Copper Mountain,” they said. “Given recent volatility in copper prices, and long-term fundamentals remaining favourable, we anticipate consolidation throughout the industry will continue.”
In a report released Tuesday, the firm maintained its 2023 and 2024 copper price assumption, however it lowered its expectations for several other base metal prices, including molybdenum, nickel, steelmaking coal and potash.
“While our Q1 estimates have been revised lower for some companies, our overall estimates for the year remain in line with previous guidance with respect to both production and operating costs,” said analysts Shane Nagle and Rabi Nizami. “For the time being, we don’t anticipate any material changes to company guidance for the year alongside Q1 results.”
The duo made these target price changes:
- Lundin Mining Corp. ( “sector perform”) to $10.50 from $8.75. Average: $10.24.