The Globe and Mail reports in its Tuesday, Nov. 25, edition that Scotia Capital analyst Eric Winmill, following a site visit to Fortuna Mining's flagship Seguela mine in the Ivory Coast, which represents 42 per cent of his net asset value assumption, raised his recommendation to "sector outperform" from "sector perform" with a share target of $11, rising from $10.50 (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $13.69. Mr. Winmill says in a note: "Overall the visit showcased the growth plan for the asset and exploration potential, together with a discussion on Fortuna's next growth project, Diamba Sud in Senegal. Fortuna is targeting consolidated annual production of 500koz Au within three years and we see a catalyst-rich outlook in the coming quarters as outlined below. With a forecast of strong free cash flow next year and reasonable valuation (trading at spot 0.61times P/NAV5-per-cent vs. peers at 0.71 times) we see additional upside potential for FSM shares. As a result, with this note we are upgrading our rating to 'sector outperform.' Separately, Fortuna also released updated reserves and resource for Seguela."