BMO Capital Upgrades HudBay Minerals (HBM) to Outperform
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BMO Capital upgraded HudBay Minerals (NYSE: HBM) from Market Perform to Outperform with a price target of C$6.50 (from C$7.50) on valuation.
Analyst Sasha Bukacheva commented, "In conjunction with the revision of our commodity price forecasts, we are upgrading HudBay Minerals to Outperform from Market Perform while revising the target price to C$6.50 from C$7.50. HudBay's share price has declined by 30% over the last month and we believe offers an attractive entry point given the company's reasonable valuation (shares trades at about half of the peer group on near-term valuation metrics) and potential to be re-discovered as a zinc story."
Shares of HudBay Minerals closed at $3.68 yesterday.
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