Australia's 29Metals falls after analysts cut PT on suspension of operation

29Metals

27/03/2024 02:39

(Updates with share moves and Macquarie note)
    ** Shares of 29Metals  29M.AX  fall as much as 11.3% at
A$0.355 after analysts trim price target
    ** Jefferies cuts copper-focused miner's PT to A$0.40 from
A$0.50; reiterates "hold" rating
    ** Macquarie cuts 29M's PT by 44% to A$0.25, downgrades
rating to "underperform" from "neutral"
    ** Co suspended operations at Capricorn Copper in
Queensland, Australia on Tuesday
    ** Jefferies forecasts restart costs of A$151 mln ($98.63
mln) to A$191 mln for the suspended operations
    ** One of nine analysts rate the stock "buy", seven "hold"
and one "sell"; their median PT is A$0.45 – LSEG data
    ** Stock has fallen ~38% YTD, as of last close


($1 = 1.5309 Australian dollars)

 (Reporting by Sherin Sunny and Ayushman Ojha in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))