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Globe says Hudbay Minerals boosted to "outperform"
Hudbay Minerals Inc (C:HBM) Shares Issued 350,998,128 Last Close 5/15/2024 $13.53 Thursday May 16 2024 - In the News
The Globe and Mail reports in its Thursday, May 16, edition that National Bank Financial analyst Shane Nagle has elevated Hudbay Minerals to "outperform" from "sector perform. " The Globe's David Leeder writes in the Eye On Equities column that Mr. Nagle's share target soared $3.50 to $15.50. Analysts on average target the shares at $14.04. Mr. Nagle says in a note: "Our upgrade stems from Hudbay's strong leverage to currently elevated copper price (one of the highest in our coverage along with Taseko Mining). The robust and higher trending copper price environment is already benefitting Hudbay financials as evidenced by Q1, with improving outlook for remainder of the year as the gold forward sales agreement rolls off in August. Hudbay also remains undervalued amongst its peers, currently trading at 6.5 times EV/2024 estimated CF compared to intermediate peers at 8.5 times and a P/NAV of 1.44 times, compared with multi-asset peers (CS/ERO/LUN) at 1.59 times. Several near-term catalysts remain supportive of an improved outlook with Copper World permits anticipated in Q3/24, with a partnership agreement and prudent financing package expected to reported ahead of launching a feasibility study."
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