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Scotiabank Thinks HudBay Minerals’ Stock is Going to Recover


In a new note to investors on October 10, an analyst has provided a rating update for the Materials sector company, HudBay Minerals (TSX: HBM). Analyst Orest Wowkodaw from Scotiabank remains bullish on the stock and has a C$9 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.

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The word on The Street in general, suggests a Strong Buy analyst consensus rating for HudBay Minerals with a C$9.63 average price target, which is a 57.9% upside from current levels. In a report released yesterday, TD Securities also reiterated a Buy rating on the stock with a C$11 price target.

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The company has a one-year high of C$12.65 and a one-year low of C$5.44. Currently, HudBay Minerals has an average volume of 1.64M.

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$6.10, close to its 52-week low of C$5.44.