Rodman & Renshaw Starts Hecla Mining (HL) at Buy
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Rodman & Renshaw initiated coverage on Hecla Mining (NYSE: HL) with a Buy rating and a price target of $9. Analyst Heiko F. Ihle sees Helca as a diversified miner with a long-term focus.
"Hecla is a large diversified precious metals producer with four operating assets: Greens Creek, Lucky Friday, Casa Berardi, and San Sebastian. We support Hecla’s strategy of focusing on assets in politically safe jurisdictions such as the United States, Canada, and Mexico and like the fact that the firm’s assets produce a wide array of metals, which provides revenue diversification. That said, although roughly 25% of Hecla’s revenue is derived from lead and zinc, the remaining 75% is approximately evenly split between silver and gold. In our view, a well diversified asset base in geopolitically safe jurisdictions, coupled with an expanding production profile strongly positions Hecla to take advantage of what we view as a new bull market in the precious metals space," said the analyst.
Shares of Hecla Mining closed at $5.91 yesterday.
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