Brokerages cut PT, 2023 forecast for Australia's 29Metals

29Metals

25/07/2023 23:35

** Canaccord Genuity trims 2023 EBITDA forecasts and price
target for Australian copper-focused miner 29Metals Ltd  29M.AX 
    ** Cuts price target to A$0.80 from A$0.85, retains "hold"
rating
    ** Brokerage cuts its 2023 EBITDA forecast for 29M by 75% to
A$9 mln  ($6.11 mln)
    ** Brokerage Jefferies cuts price target for 29M to A$0.70
from A$0.80, retains "hold" rating
    ** Jefferies remains cautious on 29M, given the near-term
risks of operational delivery, capital requirements, risk of
equity dilution and balance sheet tightness 
    ** "A restart of operations at Capricorn Copper through the
upcoming wet season and return to a cash generative operation
would be a clear positive in our view" - Jefferies
    ** One of 11 analysts rates the stock "strong buy", nine
"hold" and one "sell"; their median PT is A$0.85 – Refinitiv
data
    ** 29M stock down 62.8% YTD, as of last close 

($1 = 1.4730 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))