GLOBE SAYS Globe says Nagle maintains Hudbay at "outperform"
Hudbay Minerals Inc (C:HBM)
Shares Issued 393,587,952
Last Close 7/15/2024 $12.54
Tuesday July 16 2024 - In the News
The Globe and Mail reports in its Tuesday, July 16, edition that National Bank Financial analyst Shane Nagle has reaffirmed his "outperform" recommendation for Hudbay Minerals. The Globe's David Leeder writes that Mr. Nagle tweaked his share target ahead by 50 cents to $17. Analysts on average target the shares at $16.30. While he expects strong base metals prices to provide tailwinds for the second quarter results for Canadian producers, Mr. Nagle thinks some caution is "warranted" for investors heading into earnings season. Mr. Nagle says in a note: "Q2 production is expected to be down quarter-over-quarter with higher proportion of lower grade stockpiles processed at Constancia and lower gold grade sequencing at Lalor. Material catalysts remain a partnership agreement/permits at Copper World, 10-per-cent expansion of throughput at Constancia, optimization of Copper Mountain and ongoing regional exploration near Lalor." He adds, "Given the favorable copper price backdrop and resulting multiple expansion, the market will be focused on stable operational performance and delivering stated growth objectives." The Globe reported on June 11 that National Bank rated Hudbay "outperform." It was then worth $12.47.