Canaccord Genuity Thinks Lundin Mining’s Stock is Going to Recover

Canaccord Genuity analyst Dalton Baretto maintained a Buy rating on Lundin Mining (LUNMFResearch Report) yesterday and set a price target of C$10.50. The company’s shares closed last Tuesday at $5.17, close to its 52-week low of $5.10.

According to TipRanks.com, Baretto is a 5-star analyst with an average return of 25.1% and a 50.1% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Turquoise Hill Resources, First Quantum Minerals, and Hecla Mining Company.

Currently, the analyst consensus on Lundin Mining is a Hold with an average price target of $7.59, which is a 38.0% upside from current levels. In a report issued on July 29, Stifel Nicolaus also maintained a Buy rating on the stock with a C$12.50 price target.

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Based on Lundin Mining’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $590 million and GAAP net loss of $52.58 million. In comparison, last year the company earned revenue of $872 million and had a net profit of $243 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LUNMF in relation to earlier this year.

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Lundin Mining Corp. is a metal based company, which engages in mining, exploration and development of mineral properties, primarily in Chile, USA, Portugal and Sweden. It holds interest in the projects: Candelaria, Eagle, Neves-Corvo, and Zinkgruvan. The company was founded on September 9, 1994 and is headquartered in Toronto, Canada.

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