By Street Insider,
TD Securities upgraded Nevsun Resources (NYSE: NSU) from Hold to Buy with a price target of C$4.50 (from C$4.00).
Analyst Craig Hutchison has increased confidence the company will hit production guidance.
“Earlier this week, we had an opportunity to visit Nevsun’s Bisha project (60% ownership) in Eritrea,” said Hutchison.
“We came away from the tour with confidence that the company will meet its 2013 production guidance of 30–50mmlb and achieve commercial production of the copper plant by year-end.
Furthermore, following the trip, we have an increased level of comfort with Eritrea as a mining jurisdiction having seen the operation and transportation logistics firsthand.”
For an analyst ratings summary and ratings history on Nevsun Resources click here. For more ratings news on Nevsun Resources click here.
Shares of Nevsun Resources closed at $3.02 yesterday, with a 52 week range of $2.65-$4.68.
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Nevsun Resources Ltd Receives Buy Rating from TD Securities (NSU)
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By Max Byerly,
Nevsun Resources Ltd (NYSE:NSU)‘s stock had its “buy” rating reiterated by TD Securities in a research note issued on Friday, American Banking News.com reports.
Several other analysts have also recently commented on the stock. Analysts at CIBC reiterated a “hold” rating on shares of Nevsun Resources Ltd in a research note to investors on Sunday, November 17th. They now have a $4.50 price target on the stock. Analysts at UBS AG upgraded shares of Nevsun Resources Ltd from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday, September 4th.
Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $4.75.
Nevsun Resources Ltd (NYSE:NSU) opened at 3.02 on Friday. Nevsun Resources Ltd has a 52-week low of $2.65 and a 52-week high of $4.68. The stock’s 50-day moving average is $3.42 and its 200-day moving average is $3.32. The company has a market cap of $601.9 million and a price-to-earnings ratio of 16.50.
The company also recently announced a semiannual dividend, which is scheduled for Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.07 per share. This represents a dividend yield of 3.97%. The ex-dividend date is Friday, December 27th.
Nevsun Resources Ltd. and its subsidiaries are in the mineral property exploration and development business in Africa.
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