Macquarie hikes PT on Australia's Mincor Resources, says buyout bid 'well-timed'

Mincor Resources NL

21/03/2023 23:04

** Wyloo Metals' buyout bid for nickel miner Mincor
Resources  MCR.AX  is well timed, Macquarie says, raising PT on
MCR
    ** Bid conducted at a time when MCR share price was
suppressed, partly due to weaker nickel prices, says brokerage
    ** Macquarie hikes PT on Mincor by 9% to A$1.50 per share,
retains "neutral" rating
    ** Wyloo Metals offered on Tuesday to buy all MCR shares it
does not already own, valuing the nickel developer at A$750 mln
($500.33 mln)
    ** Four of 6 analysts rate the stock "buy" or higher, and 2
"hold"; median PT is A$1.69 – Refinitiv
    ** Stock down 1.7% YTD, as of last close
    
($1 = 1.4990 Australian dollars)

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