In a new note to investors on October 10, an analyst has provided a rating update for the Materials sector company, Labrador Iron Ore (TSX: LIF). The company received a Buy on October 10 from Scotiabank’s analyst Orest Wowkodaw, with a C$40 price target.
According to TipRanks.com, Wowkodaw is a 5-star analyst with an average return of 19.9% and a 52.5% success rate. Wowkodaw covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Nevsun Resources Ltd, and Taseko Mines Limited.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Labrador Iron Ore with a C$33 average price target.
Labrador Iron Ore’s market cap is currently C$1.8B and has a P/E ratio of 16.4. The company has a Price to Book ratio of 3.19.
Labrador Iron Ore Royalty Corp. engages in mining for iron ore, through its subsidiary Iron Ore Company of Canada which operates a major iron mine near Labrador City, Newfoundland and Labrador on lands leased. It also involves in the conversion of Labrador Iron Ore Royalty Income Fund.
The company’s shares closed on Friday at C$28, close to its 52-week high of C$28.98.