Nexgen Energy rises as Scotiabank starts coverage with "sector outperform"

Nexgen Energy

01/04/2024 15:11

** Uranium exploration and development company Nexgen Energy
shares  NEX.TO  up ~6.1% at C$11.17; U.S.-listed shares  NXE.N 
up 5.8% at $8.22
    ** Brokerage Scotiabank initiates coverage at "sector
outperform", sees one-year target price at C$13.50
    ** "Believe NXE shares warrant a premium valuation given the
company's world-class Arrow deposit – a large high-grade uranium
discovery on the cusp of development and ongoing exploration
upside – combined with a very attractive long-term fundamental
outlook for uranium" 
    ** Brokerage sees BHP Group  BHP.L  having the
strongest interest among other miners in acquiring
Vancouver-based NXE given size of Arrow asset, grade and
location 
    ** NXE shares up 20.4% YTD

(Reporting by Seher Dareen in Bengaluru)
((mailto:Seher.Dareen@thomsonreuters.com;))