Hudbay Minerals upgraded to Buy at Jefferies on catalysts, valuation

Jefferies upgraded Hudbay Minerals to Buy from Hold with a C$14 price target. The company’s Q2 free cash flow topped expectations despite being a low grade quarter, Jefferies states, noting that it also believes Hudbay possesses a number of catalysts with the ramp-up of Copper Mountain, advancement of Copper World, a return to higher grade copper in Peru in Q4/24, long-awaited exploration access in Peru, and exploration in Manitoba. The stock’s valuation is also “compelling” at 0.87-times net asset value, the firm added.