Analysts have been eager to weigh in on the Materials sector with new ratings on Wheaton Precious Metals (WPM), Canopy Growth (CGC) and Equinox Gold (EQX).
Wheaton Precious Metals (WPM)
In a report released yesterday, Carey MacRury from Canaccord Genuity maintained a Buy rating on Wheaton Precious Metals, with a price target of C$83.00. The company’s shares closed last Monday at $46.50.
According to TipRanks.com, MacRury is a top 100 analyst with an average return of 24.1% and a 73.0% success rate. MacRury covers the Basic Materials sector, focusing on stocks such as Osisko Gold Royalties, Golden Star Resources, and Kirkland Lake Gold.
Wheaton Precious Metals has an analyst consensus of Moderate Buy, with a price target consensus of $54.41, a 13.6% upside from current levels. In a report released yesterday, Berenberg Bank also initiated coverage with a Buy rating on the stock with a $56.00 price target.
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Canopy Growth (CGC)
Canaccord Genuity analyst Matt Bottomley maintained a Hold rating on Canopy Growth yesterday and set a price target of C$25.00. The company’s shares closed last Monday at $24.58, close to its 52-week high of $26.95.
According to TipRanks.com, Bottomley is a 5-star analyst with an average return of 14.2% and a 52.0% success rate. Bottomley covers the Basic Materials sector, focusing on stocks such as Harvest Health & Recreation, Vireo Health International, and Green Thumb Industries.
Currently, the analyst consensus on Canopy Growth is a Hold with an average price target of $17.90, representing a -33.6% downside. In a report released yesterday, Oppenheimer also maintained a Hold rating on the stock.
Equinox Gold (EQX)
In a report released yesterday, Dalton Baretto from Canaccord Genuity maintained a Buy rating on Equinox Gold, with a price target of C$22.50. The company’s shares closed last Monday at $10.66.
According to TipRanks.com, Baretto is a 5-star analyst with an average return of 20.6% and a 63.0% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Turquoise Hill Resources, First Quantum Minerals, and Fortuna Silver Mines.
Equinox Gold has an analyst consensus of Strong Buy, with a price target consensus of $17.79, a 63.2% upside from current levels. In a report issued on October 25, National Bank also maintained a Buy rating on the stock with a C$21.75 price target.
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