In a report released yesterday, Tate Sullivan from Maxim Group reiterated a Buy rating on NioCorp Developments (NB – Research Report), with a price target of $4.00.
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Tate Sullivan’s rating is based on several key factors that highlight the potential of NioCorp Developments. The company is working on the Elk Creek critical minerals project in Nebraska, which is expected to establish a new U.S. supply chain for essential minerals like dysprosium, neodymium, and niobium. This project aligns with the U.S. government’s focus on securing critical mineral resources domestically, which could provide strategic advantages and support for NioCorp.
NioCorp’s recent financial activities, including a $20 million equity offering, have strengthened its balance sheet, providing the necessary capital for ongoing development. Additionally, the company has received a preliminary term sheet for an $800 million loan from the Export-Import Bank of the United States, contingent on an updated feasibility study. These financial maneuvers, combined with the strategic importance of their project, underpin Sullivan’s confidence in NioCorp’s future prospects, justifying the Buy rating with a 12-month price target of $4.00.
In another report released on April 29, H.C. Wainwright also reiterated a Buy rating on the stock with a $4.25 price target.
NB’s price has also changed dramatically for the past six months – from $1.410 to $2.360, which is a 67.38% increase.