There’s a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Newcrest Mining Limited (NCMGF – Research Report) and Allkem Limited (OROCF – Research Report) with bullish sentiments.
Newcrest Mining Limited (NCMGF)
Shaw and Partners analyst Peter O’Connor maintained a Buy rating on Newcrest Mining Limited on October 28 and set a price target of A$32.00. The company’s shares closed last Tuesday at $12.40.
According to TipRanks.com, O’Connor is a 2-star analyst with an average return of
Newcrest Mining Limited has an analyst consensus of Moderate Buy, with a price target consensus of $15.36, implying a 26.9% upside from current levels. In a report issued on October 28, Credit Suisse also maintained a Buy rating on the stock with a A$23.00 price target.
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Allkem Limited (OROCF)
Ord Minnett analyst Ord Minnett maintained a Buy rating on Allkem Limited yesterday and set a price target of A$22.50. The company’s shares closed last Tuesday at $10.20, close to its 52-week high of $11.00.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Allkem Limited with a $11.33 average price target, representing a 13.4% upside. In a report issued on October 24, Citigroup also maintained a Buy rating on the stock with a A$16.50 price target.
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