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Canaccord Genuity Downgrades Nevsun Resources (NSU) to Hold


On October 10, an analyst has provided a rating update for the Materials sector company, Nevsun Resources (TSX: NSU). Dalton Baretto, an analyst with Canaccord Genuity, has downgraded their rating on NSU to Hold on October 10 , with a C$6 price target.

According to TipRanks.com, Baretto is a 4-star analyst with an average return of 5.3% and a 43.9% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.

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Nevsun Resources has an analyst consensus of Hold, with a price target consensus of C$6.

Based on Nevsun Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$12.09 million. In comparison, last year the company had a GAAP net loss of C$660.5K.

Nevsun Resources Ltd. is a mid-tier diversified base metals company. Through its subsidiaries, it engages in the acquisition, exploration, development, and production of mineral properties. It operates through the following segments: Europe, Africa, and North America.

The company’s shares closed on Friday at C$5.74, close to its 52-week high of C$5.85.