Canaccord cuts PT on Panoramic Resources as co updates life-of-mine plan

Panoramic Resources

20/03/2023 05:01

** Canaccord Genuity cuts price target on Panoramic
Resources Ltd's  PAN.AX  stock, adding that it adjusted
production and cost forecasts in line with the nickel miner's
updated life-of-mine plan for its Savannah Ni-Cu-Co project 
    ** Panoramic released an updated life-of-mine plan (LOMP)
for its Savannah project, including an extended mine life of 12
years from FY24 onwards 
    ** Brokerage cuts nickel forecasts for FY24 and FY25 by 8%
and 5%, respectively, with copper production forecasts down 3%
and 15%, respectively
    ** We have increased our LOM operating costs by 14%, in line
with the updated LOMP and extended our forecast mine life by 2
years till FY35 - Canaccord 
    ** Reduces target price to A$0.22 from A$0.26, retains "buy"
rating 
    ** Three of four analysts rate the stock "buy" or higher,
one "sell"; their median PT is A$0.23 – Refinitiv data
    ** Stock down 28.6% this year, as of last close
    
 

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))