Macquarie says 29Metals' balance sheet risk declined after equity raise

29Metals

10/10/2023 01:47

** Macquarie says Australia's 29Metals'  29M.AX  share price
at all-time lows since IPO in July 2021 but balance sheet risk
has declined after equity raise
    ** Brokerage has a price target of A$0.80 for the precious
metals miner, rates it "outperform" 
    ** With A$151 mln ($96.91 mln) equity raise "29M is well
capitalised to continue Capricorn recovery plan and has
significant upside at spot prices" - Macquarie 
    ** Says equity raise largely drives 46%-52% EPS upgrades in
CY23-CY24
    ** Stock currently up 6.1% at A$0.6525
    ** Three of 10 analysts rate stock "buy" or higher, 5 "hold"
and 2 "sell" or lower; their median PT is A$0.79 - LSEG
    ** 29M stock down 67% YTD, as of last close
 


($1 = 1.5581 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))