RBC initiates coverage on Mincor Resources with 'outperform', sees strong earnings growth

Mincor Resources NL

05/04/2022 01:19

** Brokerage RBC initiates coverage on nickel miner Mincor
Resources NL  MCR.AX , says it offers exposure to "low risk"
nickel sulphide production growth 
    ** Initiates with "outperform" rating, price target of
A$2.75 
    ** Says Mincor has positioned itself as an emerging West
Australian nickel sulphide miner through organic development,
acquisitions and agreement
    ** Adds Mincor's existing tolling and offtake agreement with
BHP is a positive 
    ** Sees "strong" EBITDA and earnings growth over the next
6-12 months as MCR transitions from being a developer to
producer
    ** All three analysts covering the stock rate it "hold",
median PT of A$1.95 - Refinitiv Eikon data 
    ** MCR shares up 1.7% at A$2.43 upon market open; up 33.9%
YTD, as of last close 

    

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))