(MT Newswires) -- National Bank Financial on Wednesday reiterated its outperform rating on the shares of Hudbay Minerals (HBM.TO, HBM) and its C$16.75 price target following third-quarter results from the miner.

 

"Hudbay Minerals announced strong Q3/24 financial and operating results above NBF Estimates/Consensus on lower than expected copper production and sales. The Company reiterated its 2024 production guidance with consolidated copper production trending toward the lower end of the range (in line with NBF Estiates). Copper cost guidance has been further reduced as a result of strong cost control and higher gold by-product credits. Today's update reaffirms a favourable operating outlook for Q4/24, and pending catalysts for Copper World permitting, regional exploration permits in Peru, exposure to spot gold prices in Manitoba and a discounted valuation are all supportive of our Outperform rating," analyst Shane Nagle wrote.