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Inside the Market’s roundup of some of today’s key analyst actions

National Bank Financial analyst Vishal Shreedhar warns Metro Inc.’s (MRU-T) earnings per share growth throughout fiscal 2024 is likely to be “masked by supply chain investments.”

“Metro indicated that capital expenditure will be elevated in F2024 as the company continues its supply chain investments,” he added. “We forecast F2024 capex of $840-million versus the five-year average of $492-million. Recall that the impact of these investments are reflected in Metro’s F2024 EPS outlook of flat to down $0.10 year-over-year (NBF models EPS of $4.30, flat year-over-year).”

Ahead of the Jan. 30 release of its first-quarter results, Mr. Shreedhar is projecting EPS of 99 cents for the Montreal-based company, which is in line with consensus expectation on the Street but down a penny from the same period a year ago.

He attributed that decline to “gross margin contraction (duplicate transition costs, amongst other factors), higher SG&A and higher interest expense, partly offset by share repurchases, continued strength at PJC (aided by solid cosmetics and health & beauty, higher dispensing fee, growth in high-cost molecules and professional services; OTC performance is expected to be tepid year-over-year) and resilient discount format performance.”

Seeing consumer trends “consistent with prior quarters,” the analyst is projecting grocery same-store sales growth of 3.0 per cent (versus 7.5 per cent last year), reflecting “improving food tonnage/market share gains driven by the discount segment.” Overall, he sees sales of $4.829-billion, narrowly lower than the consensus of $4.898-billion up from $4.671-billion a year ago.

“Our review of peer and management commentary suggests a continuation of trends from prior quarters,” said Mr. Shredhar. “Specifically, our analysis suggests: (i) Incrementally higher consumer caution, (ii) Building promotional intensity (although we understand competition remains rational), and (iii) Moderation in inflation.

“We estimate food inflation during MRU’s Q1/F24 of 5.1 per cent (data until November 2023) vs. 5.5 per cent reported last quarter (Statistics Canada suggested inflation of 7.1 per cent in Q4/F23). Food store CPI for November 2023 came in at 4.7 per cent versus 5.4 per cent in October 2023. Metro has previously suggested that it expects inflation to continue moderating, reflecting base effects; however, management also noted that the company continues to receive requests for price increases from large CPGs.”

“In addition, we expect a milder year-over-year flu season in H1/F24, moderating results. Management indicated that influenza and cough & cold were elevated last year and that trends for Q1/F24 are expected to be lower y/y. Government data indicates significantly lower influenza cases and symptoms year-over-year, although trends are largely in line with the historical average (2014-2019).”

After making modest adjustments to his forecast for fiscal 2024 and 2025, Mr. Shreedhar trimmed his target for Metro shares by $1 to $80, keeping a “sector perform” recommendation, to reflect “a lower multiple (higher execution risk associated with complex supply chain initiatives), partially offset by a roll-forward of our valuation period.” The average on the Street is $76.78, according to Refinitiv data.

“We believe Metro is a solid company which has delivered superior long-term performance supported by strong execution and strong capital allocation; however, these favourable attributes are reflected in the valuation, in our view,” he said.


Analysts at National Bank Financial see an improved outlook for precious metals entering 2024 “in the context of real rates.”

“We begin the 2024 calendar year constructive on the outlook for gold and silver prices, and correspondingly gold equities, given the historical price appreciation in periods of declining or flattening real rates,” they said. “That said, we anticipate continued near-term volatility around key U.S. economic data prints/geopolitical headlines. Generally, we believe under this scenario, the best gold companies to invest in are those with well-funded near-term production growth, a strong balance sheet and upcoming catalysts. Given the anticipated volatility, names that exhibit the most sensitivity to gold prices include: EQX, FR, IMG.”

In a research report released Monday titled Gold is Back (Back Again), the firm noted market conditions are “supportive of consolidation” in the months to come.

“In our view, near-term price volatility and favourable long-term fundamentals create a market environment where gold producers will continue to shop for opportunities to add long-term precious metal growth to their portfolios at attractive valuations,” the analyst said. “Senior producers have maintained an elevated P/NAV multiple relative to more leveraged junior producers and developers. Should this differential persist, we expect it to drive consolidation, with juniors offering investors more torque to rising commodity prices given the potential for valuation re-rating and/or M&A potential.

“We outline near-term FCF generation and production growth across our universe, and when weighed against balance sheet strength/valuations, identify: AEM, BTO, CG, FNV, K, NGD and OGC as likely consolidators and ARIS, ELD, EQX, IMG, KNT and OR as acquisition targets. We also identify junior producers/developers nearing the completion of significant development projects which is often supportive of a re-rating/increased M&A appeal, outlining: ARTG, AYA, GMIN and IMG as having significant FCF inflection points in 2024.”

The firm also thinks the changing rate environment had brought “relative mispricing opportunities” that investors can take advantage of.

“Currently, elevated interest rates apply upward pressure on discount rates employed in DCF valuations,” it said. “When combined with social unrest, political uncertainty and acute labour availability challenges, a premium can be ascribed to consistent producing operations located in politically stable jurisdictions.

“We outline implied discount rates across our coverage universe and identify: DPM, OGC, OR and K as being potentially over-discounted by the market and ABX, ELD and FNV as under-discounted.”

The analysts made target price revisions to the majority of stocks in their coverage universe to “driven by adoption of an updated commodity price deck, with higher near-term gold and silver prices for 2024 and 2025 versus our previous estimates.”

They also revealed their top picks for the year ahead:


* Kinross Gold Corp. (K-T) with an “outperform” rating and $10 target (unchanged). The average on the Street is $9.21.

Analyst Shane Nagle: “Kinross maintains significant opportunities for growth within its North American portfolio, which will help improve its geopolitical risk profile. This includes the Great Bear project (Ontario), Manh Choh (Alaska), Curlew Basin (Washington State) and the Round Mountain U/G project (Nevada).

“Kinross also exhibits above-average leverage in a supportive environment for the commodity, with our NAV showing about a 3.2:1 sensitivity to the gold price. This above-average sensitivity comes from a combination of a modestly levered balance sheet, being a pure-play precious metals producer and having an above-average cost structure.”

* Pan American Silver Corp. (PAAS-T) with an “outperform” rating and $27.50 target, down from $28. Average: $31

Analyst Don DeMarco: “Go-to name for silver exposure (21-per-cent 2024 production, 34-per-cent reserves) with robust liquidity ($75-million/d) and a material catalyst pending with the potential Escobal mine restart (NBF 2024). PAAS’s extensive 11-mine, 8-country portfolio mitigates jurisdiction risk with opportunity for asset dispositions and La Arena II is among next candidates amidst favourable outlook for Cu supply/demand. Management is experienced and the balance sheet is intact with net debt of $462-million, of which $408-million are Senior notes with an attractive 2.63-per-cent coupon.”


* OceanaGold Corp. (OGC-T) with an “outperform” rating and $4 target (unchanged). Average: $4.03.

Mr. Nagle: “Despite some volatility in near-term ramp-up of the Haile underground mine, OceanaGold continues to exhibit strong operational performance and remains set to deliver significant growth in 2024. The company is expected to list a 20-per-cent stake of Didipio in the Philippines in H1/24, providing a significant inflow of cash, further strengthening the company’s already attractive balance sheet.”

* Aya Gold & Silver Inc. (AYA-T) with an “outperform” rating and $14 target, up from $12.50. Average: $14.07.

Mr. DeMarco: “Only pure-play silver producer on the TSX, with sight lines for NAV expansion vis-a-vis Zgounder brownfield expansion to 2,700 tons per day (from current 700 tpd), on time with first pour in Q1/24 (see AYA’s video update, Jan 2024), on budget with $98-million remaining (as at Q3/23) and fully-funded with an $18-million surplus (as at Q3/23). Drives peer-leading production CAGR [compound annual growth rate], peaking at 9.0 million ounces in 2028 per the Zgounder FS (Dec 2021) more than 4 times the FY23 of 2.0 million ounces Ag. Resource accretion compelling with visibility for 150 million ounces (NBF estimate from the current 103 million). Strong operations, with a FY23 guidance beat, while mining rates and throughput buoyant, lending de-risking and confidence ahead of expansion completion.”

Royalty Companies

* Osisko Gold Royalties Ltd. (OR-T) with an “outperform” rating and $25 target, up from $24. Average: $24.46.

Mr. Nagle: “Osisko Gold Royalties maintains an attractive near-term growth outlook with three- and five-year growth CAGR’s of 9 per cent and 10 per cent, respectively. With a new CEO and Chairman in place, the company will pursue additional growth via traditional royalty/streaming transactions with a continued focus on politically stable jurisdictions. As we are forecasting strong FCF throughout the royalty sector at current gold prices, a competitive deal environment is likely to contribute to increased competition for quality opportunities and lead to consolidation within the industry. We view several companies in the sector motivated to acquire OR’s high-quality portfolio given its strong near-term growth pipeline, largely derived from politically stable jurisdictions including: Canadian Malartic, Eagle, Island Gold, Mantos Blancos and the CSA mine.”


* Artemis Gold Inc. (ARTG-X) with an “outperform” rating and $9.25 target, down from $10.50. Average: $10.94.

Mr. DeMarco: “FCF inflection on deck (NBF est first pour ~Oct 2024), with Blackwater development led by an experienced COO, fully-financed, on time and on budget, with potential development tailwinds from a mild winter in 2023/24. Attractive economics from LOM production of 339,000 ounces per year over 22 years (DFS Sept 2021) from a sizable 8.0 million ounce reserve endowment and visibility for elevated F5Y production (500k oz/year) upon accelerating Phase 2. Tier One jurisdiction benefits accentuated as headwinds continue to increase in other jurisdictions and for non-permitted projects universally. Additionally, we flag high insider ownership (38%) and M&A appeal as a single-asset producer.”

* G Mining Ventures Corp. (GMIN-T) with an “outperform” rating and $2.50 target, up from $2. Average: $2.11.

Analyst Rabi Nizami: “GMIN is the only developer with a ‘Self-Perform’ mine building team in-house and a track-record for on time and on budget construction of world-class mines on behalf of Senior and Intermediate producers. Strategic backing from La Mancha, Franco-Nevada and others who envision G Mining as the platform of choice to ‘Buy and Build’ to become an Intermediate producer. Re-rating to producer status in 2024 as the Tocantinzinho project is now in its final six months of construction. Progress to date has been impressive, still tracking well on budget and on time for commercial production in H2/24. Expect to acquire a second construction project, likely also in Latin America.”

For other senior producers, the firm’s changes are:

  • Agnico Eagle Mines Ltd. (AEM-T, “outperform”) to $85 from $86. Average: $89.42.
  • Barrick Gold Corp. (ABX-T, “sector perform”) to $29 from $27. Average: $29.58.
  • B2Gold Corp. (BTO-T, “outperform”) to $6 from $7. Average: $6.94.
  • Endeavour Mining Corp. (EDV-T, “outperform”) to $39.50 from $46.50. Average: $39.45.
  • Newmont Corp. (NGT-T, “outperform”) to $65 from $75. Average: $73.83.


Seeing “protracted pressure” on potash prices, Raymond James analyst Steve Hansen lowered his forecast for Nutrien Ltd. (NTR-N, NTR-T), leading him to downgrade its shares to “market perform” from “outperform” previously.

“While global potash prices found support last year after a sharp/extended slide, subsequent attempts to rally have largely fizzled in response to a bevvy of supply-related headwinds — many which are now expected to carry into 2024 (and likely beyond), ultimately translating into a more muted pricing outlook than previously anticipated,” he said.

Mr. Hansen pointed to several factors, including: a quicker-than-anticipated return of exports from Belarus and Russia to pre-war levels; Laos as a “rapidly scaling” source of new supply; an outsized build-up of inventories in China recently and the potential for potash market to become “increasingly oversupplied into the latter half of the decade.”

His target for Nutrien shares dropped to US$65 from US$80. The average is US$71.94.


Scotia Capital analyst Orest Wowkodaw, Alfonso Salazar and Eric Winmill see the risk-reward proposition for base metals equities remaining “relatively attractive” as 2024 begins, believing “supply pressures mute the impact of uncertain demand.”

“Heightened macroeconomic concerns from elevated interest rates, high energy prices, a strong U.S. dollar, and a sputtering China, continue to stoke global recession fears,” they said. “Although we remain concerned with near-term consumption risks, particularly in China, several commodity markets, including Cu, U3O8, HCC, and Fe, appear surprisingly tight in 2024, driven by ongoing supply-side underperformance and remarkably resilient demand. Moreover, with visible inventories for some metals already at critically low levels (Cu at only 3 days), we anticipate a relatively attractive pricing environment this year, despite economic uncertainty. In the medium to long term, we anticipate the emergence of a new commodities super cycle for several metals (notably Cu), driven by growing demand from global decarbonization efforts to address climate change, amplified by the impact of severe underinvestment in new output capacity.”

In a 166-page research report released Monday, the group expressed a preference for exposure to both copper and uranium.

“Among the base metals, we continue to prefer Cu exposure given very low inventories and our forecast of a near-term modest deficit to balanced market, before transitioning to a large medium-term structural deficit due to supply erosion,” they said. “We also anticipate Cu being among the biggest beneficiaries of global decarbonization efforts. We are concerned with near-term over-supply risks in Zn and Ni. Given negative steel mill margins and slowing steel output, HCC and Fe pricing risks appear skewed to the downside from elevated spot levels; however, the outlook for the premium segment of bulk commodities remains attractive. U3O8 fundamentals continue to improve based on the dual Western World agendas of decarbonization and energy independence.

“We have increased our 2024-2027 prices for Zn, HCC, 62-per-cent Fe, and U3O8, by an average of 1 per cent, 2 per cent, 6 per cent, and 2 per cent, while Cu and Ni declined by 1 per cent and 12 per cent. We have introduced our maiden 2028 price forecasts which include $5.50/lb Cu, and further increased our long-term Cu incentive price to $4.25/lb (vs. $4.00/lb).”

With those price deck changes, the analysts made “modest” price target adjustments to several stocks in their coverage universe and one rating change.

Despite raising his EBITDA forecast for Champion Iron Ltd. (CIA-T) through 2026 by an average of 17 per cent per year driven by its higher near-term iron ore price assumption, Mr. Wowkodaw lowered his recommendation for its shares to “sector perform” from “sector outperform,” citing “a more balanced risk-reward outlook,” the expectation of weaker longer-term iron prices and the relatively limited implied return to its 12-month target.

His new target is $7.50, up from $7 but below the $8.10 average on the Street.

The analysts reiterated Teck Resources Ltd. (TECK.B-T) and Cameco Corp. (CCO-T) as their top picks for the year ahead.

Mr. Wowkodaw has a “sector outperform” rating for Teck, citing its “valuation, impressive near-term copper growth, and the potential for strong shareholder returns.” His target rose to $71 from $69, exceeding the $64.14 average on the Street.

“Among the larger-cap producers, we highlight the relatively attractive valuation for Teck,” he said. “With the ongoing ramp-up of the QB2 project and the pending sale of the HCC business, the shares are trading at relatively attractive 2023E-2025E EV/EBITDA estimates of 5.0 times, 4.5 times, and 3.9 times (or 5.0 times, 4.2 times, and 5.6 times at spot), respectively. Alternatively, the shares are currently trading at an implied Cu price of $4.53/lb, we below the large cap average of $5.06/lb.”

He also has a “sector outperform” recommendation for Cameco “based on improving fundamentals driven by the dual Western World agendas of decarbonization and energy independence.” He reiterated a $70 target, which falls 23 cents under the average.

“Overall, we recommend buying 12 of the 25 equities under our combined coverage,” they concluded. “Our buy-rated equities have an attractive average implied return including dividends of 46 per cent. This return compares to the July 2023 level of 41 per cent and the January 2023 level of 27 per cent. Teck Resources and Cameco remain our Top Picks for 2024. We also prefer Capstone Copper and Freeport-McMoRan for copper exposure. We also recommend Hudbay Minerals and Ivanhoe Mines. Among the base metal developers, we prefer Arizona Metals, Arizona Sonoron Copper, Filo Mining, Foran Mining, and Ivanhoe Electric. Among the royalty companies and streamers, we prefer Ecora Resources. We are maintaining a Sector Underperform ratings on Grupo Mexico and Southern Copper based on relative valuation and elevated uncertainty for Mexican miners, along with Nexa Resources based on our anemic zinc market outlook, valuation, and the company’s negative FCF outlook.”


Stifel analyst Stephen Soock thinks Aya Gold & Silver Inc.’s (AYA-T) Boumadine deposit in western Morocco is poised to be a significant source of value creation moving forward, predicting “it will shock the market with the size.”

“From the starting point of a small resource and sub-par PEA done under a previous team, Aya quickly realized the prize here for the gold-dominant deposit was much bigger,” he said. “Over the last two years, they’ve drilled more than 75,000 metres and are set to release an updated resource in the next few weeks.”

“We’re now modeling a 4.15 million ounce AuEq LOM [gold equivalent life-of-mine] underground mineable base with processing done through floatation and pressure oxidation. We see the asset as being a future 293,000 ounces AuEq per year producer with a site level AISC [all-in sustaining costs] of $805 per ounce AuEq starting in 2028. We estimate it will take $400-million to build, funded by cash flow from Zgounder plus $150-million in debt.”

Mr. Soock emphasized Aya’s management has already done an “excellent job of quickly turning around operations” at its Zgounder silver mine in Morocco, and appears set to do the same at Boumadine.

“With minimal capex, they set the operation on solid footing, implementing modern mining practices and robust process structures,” he said. “From there, they rapidly expanded the resource base at the mine, and are in the final stages of construction of the 2ktpd Expansion to maximize the value of the deposit.

“With Zgounder on the cusp of quadrupling production to 8Moz per year, we thought it was an apt time to look at the next big driver of value for Aya - Boumadine.”

Naming Montreal-based Aya a “top pick” and reiterating his “buy” recommendation, Mr. Soock bumped his target to $15.75 from $15. The average is $14.07.


Eight Capital analyst Puneet Singh thinks funds flow toward uranium companies is “starting to look more down-cap beyond Cameco, which was the clear first-mover, as these names have yet to fully price in the current price environment.”

On Monday, the firm raised its spot prices to peak at $120 per pound in 2026 and $75 per pound long-term, pointing to “the growing risk to secure reliable uranium supply that continues to shift risk from uranium producers to utilities and put upward pressure on prices that more than offset Cameco’s reduction in output.”

In a research report, Mr. Singh said NexGen Energy Ltd. (NXE-T) remains his “top pick” in the sector, predicting “the takeout clock could start once NXE is fully financed in 2024.”

“2023 was a banner year for NexGen as it secured its provincial EA approval, showed investors are ready to finance the project before full permit receipts through raising US$110-million in debentures, and noted that it had US$1-billion (entirety of upfront capex) in interest on the debt side to finance Rook 1,” he said. “We anticipate that 2024 will also be a milestone-heavy year. We believe it will get federal approvals sometime in H1/24. Post-federal approvals, we’d expect NXE to look to secure financing for Rook I. A fully financed NXE may be the M&A trigger for an existing producer and we expect the stock to benefit from this speculation in 2024. It makes the most logical sense for Cameco to make a bid as it would be even further in control of global supply with the project in its portfolio. Less talked about, however, as a possible takeout candidate is BHP (BHP-A, Not Rated). BHP is familiar with uranium through its Olympic Dam mine (approximately 6 per cent of global supply) in Australia but it’s also recently invested in building out the Jansen potash project in Saskatchewan. The uranium experience and commitment to Saskatchewan show that Rook I could also fit very well inside BHP’s diversified mining portfolio. Whether or not a takeout bid develops, we expect NexGen to continue to run in 2024 as investors look for quality investment choices in the space.”

Maintaining a “buy” recommendation, he raised his target for NexGen shares to $21 from $13. The average on the Street is $11.02.

Mr. Singh also made these target adjustments:

* Energy Fuels Inc. (EFR-T, “buy”) to $17.50 from $16.50. Average: $12.07.

“NXE is our top pick but we view it as a 1a (NXE) and 1b (FCU) scenario in 2024,” he said. “FCU has long been the value play amongst its peers. FCU trades at US$5 per pound while peer Dension (DML-T, Not Rated; already submitted its draft EIS in Oct/22 and is awaiting approvals) trades at US$8/lb and NXE trades at US$12/lb. We expect FCU to play catch-up this year as it becomes a clear beneficiary from those looking down-cap in the space and from new investors entering the space and looking for laggards. Key for us is that FCU’s stock is closing in on the $1-billion market cap level, which will likely usher in new institutional funds as it finally meets their investing threshold.”

* Fission Uranium Corp. (FCU-T, “buy”) to $2.30 from $1.50. Average: $1.62.

* Uranium Energy Corp. (UEC-N, “buy”) to US$13 from US$7. Average: US$7.44.

Colleague Ralph Profiti hiked his Cameco Corp. (CCO-T) target to $80 from $70, reaffirming a “buy” recommendation. The average is $70.23.

“We believe Cameco remains well-positioned for improved financial performance driven by our forecasts of rising uranium prices, exposure to market-related contract terms, improved cost structure as Cigar Lake and McArthur River reach steady-state production rates, and the benefits of revenue opportunities amid vertical integration in the Uranium and Fuel Services businesses through a 49-per-cent stake in Westinghouse Electric,” said Mr. Profiti.


Expecting to see an acceleration in advertising growth, Desjardins Securities analyst Jerome Dubreuil said he would be a buyer of Stingray Group Inc. (RAY.A-T) ahead of the release of its seasonally strong third-quarter results on Feb. 6, believing “the consensus assumption of no year-over-year margin improvement is conservative amid the ongoing shift toward higher-margin ventures.”

“RAY’s stock has exhibited strong performance since we initiated coverage in mid-September, rising by 19 per cent versus down 2 per cent for its peers; our positive view of the name is unchanged,” he said in a research note. “We believe this quarter’s focus will be on RAY’s advertising revenue growth, and we see no reason to doubt that guidance of 60-per-cent growth for advertising (retail media + FAST channels) will be achieved. This would represent a meaningful acceleration compared with the 35 per cent reported last quarter and provide some indication of the potential we are seeing in the segment.”

In a note released late Friday, the analyst emphasized the presence of “further momentum for in-car entertainment.”

“RAY recently announced that it would offer its karaoke product in AFEELA car prototypes, a collaborative initiative involving Sony and Honda,” said Mr. Dubreuil. “While this development is not material in itself, it nonetheless gives RAY a foot in the door with Honda. The company also recently announced the expansion of its partnership with BYD following the successful integration of Stingray Karaoke; the EV car manufacturer will now include RAY’s Calm Radio app in models sold in certain countries. This aligns with RAY’s vision to transform the in-car entertainment industry through a diverse range of offerings, not just with its karaoke product. While in-car entertainment constitutes a small portion of its total revenue (2 per cent), the segment continues to experience strong momentum, contributing to its rapid growth. We note that even the optimistic scenario we presented for in-car entertainment in our initiation report did not include the sale of services beyond karaoke.”

The analyst also noted insiders also continue to add to their stakes, including a $550,000 purchase from chairman and CEO Mark Pathy in late December, who now owns a 20 per cent of the company’s shares and a $500,000 purchase by chief revenue officer David Purdy.

“We believe these substantial investments signal management’s belief that the company’s potential is not currently reflected in the share price,” he said.

Mr. Dubreuil reiterated a “buy” recommendation and $9 target for the Montreal-based company’s shares. The average on the Street is $7.92.


In other analyst actions:

* Canaccord Genuity analyst Yuri Lynk hiked his Badger Infrastructure Solutions Ltd. (BDGI-T) target to $52 from $46, reiterating a “buy” rating. The average on the Street is $44.

“We continue to see upside to consensus estimates, especially for 2025′s 24.8-per-cent EBITDA margin, which implies only modest improvement from the 22.6 per cent we forecast for 2023,” he said. “This is despite Badger being on track to deliver 500 basis points of margin improvement in 2023, with a stated goal of achieving 28 per cent to 29 per cent as early as 2025. The macro remains supportive, with robust utility and construction spending that we believe should remain as such for the foreseeable future, driven by infrastructure renewal and expansion, the energy transition, and the trend towards safe digging.”

* CIBC World Markets’ Scott Fletcher raised his target for shares of Corus Entertainment Inc. (CJR.B-T) to $1.15 from $1, keeping a “neutral” recommendation, while Canaccord Genuity’s Aravinda Galappatthige bumped his target to 65 cents from 50 cents with a “sell” recommendation. The average is $1.58.

“We believe the Q1 result, although soft, reflected a degree of stability,” said Mr. Galappatthige. “First, the TV ad declines remained within management guidance, and perhaps more importantly, the Q2 TV ad outlook was in line with our expectations and seemingly the Street as well. The sharp pullback in programming costs also helped profitability, although this is likely to be short-lived given new content releases are likely to ramp through Q3/24.”

* Stifel’s Cody Kwong bumped his NuVista Energy Ltd. (NVA-T) target to $16 from $15 with a “buy” recommendation. The average is $16.18.

“The latest update out of NuVista was wholly positive as the company’s base operations clearly firing on all cylinders with 4Q23 production volumes 3 per cent ahead of the street and the midpoint of company guidance for the period,” said Mr. Kwong. “While anticipated capital investment was meaningfully higher than expected, we were pleasantly surprised this overspend was entirely due to the purchase of 15.5 sections of high quality Montney acreage that is contiguous with its existing position in South Wapiti. With increases to both our production and cash flow projections ahead, we are increasing our target.”

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/04/24 3:57pm EDT.

SymbolName% changeLast
Agnico Eagle Mines Ltd
Artemis Gold Inc
Aya Gold and Silver Inc
Barrick Gold Corp
Badger Infrastructure Solutions Ltd
B2Gold Corp
Cameco Corp
Champion Iron Ltd
Corus Entertainment Inc Cl B NV
Endeavour Mining Corp
Energy Fuels Inc
Fission Uranium Corp
G Mining Ventures Corp
Kinross Gold Corp
Metro Inc
Newmont Corp
Nexgen Energy Ltd
Nutrien Ltd
Nuvista Energy Ltd
Oceanagold Corp
Osisko Gold Royalties Ltd
Pan American Silver Corp
Stingray Digital Group Inc Sv
Teck Resources Ltd Cl B

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