EMX Royalty Corporation (EMX) PT Lowered to $6.50 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle lowered the price target on EMX Royalty Corporation (NYSE: EMX) to $6.50 (from $6.75) while maintaining a Buy rating.

The analyst commented: "On August 12, 2024, EMX Royalty (EMX) announced its 2Q24 financial results. During the quarter, the company generated $6.0M in revenue and other income, which yielded a net loss of $4.0M, or ($0.04) per share. This compares to 2Q23 revenue and other income of $3.4M and a net loss of $4.7M, or ($0.04) per share. We stress that the firm saw a significant increase in royalty revenue, which reached $5.1M ($2.1M in 2Q23), as Timok yielded $1.6M (zero in 2Q23). In contrast, the company incurred a loss of $2.3M related to one of its subsidiaries in Turkey that experienced a cyberattack. Looking ahead, we expect the firm to continue its investigation of the event to mitigate this loss. In our view, EMX remains a strong player in the royalty space as the quarter marks its fifth consecutive period of reaching positive adjusted cash flows from operating activities. We reiterate our Buy rating on EMX even though we slightly decrease our PT to $6.50 from $6.75. Our decreased PT is driven by the firm’s most recent financials that also include slight dilution."

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