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Canaccord Genuity Thinks HudBay Minerals’ Stock is Going to Recover


The Materials sector company, HudBay Minerals (TSX: HBM), has received a rating update from a Wall Street analyst on October 10. Analyst Dalton Baretto from Canaccord Genuity remains bullish on the stock and has a C$8.50 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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HudBay Minerals has an analyst consensus of Strong Buy, with a price target consensus of C$9.42, which is a 55.7% upside from current levels. In a report issued on October 10, Scotiabank also reiterated a Buy rating on the stock with a C$9 price target.

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HudBay Minerals’ market cap is currently C$1.6B and has a P/E ratio of 5.9. The company has a Price to Book ratio of 0.56.

HudBay Minerals, Inc. is a mining company, which engages in the production of copper concentrate, zinc concentrate, and zinc metal. It also involves in the discovery, production, and marketing of base and precious metals. The company was founded on January 16, 1996 and is headquartered in Toronto, Canada.

The company’s shares closed on Friday at C$6.05, close to its 52-week low of C$5.44.