The Globe and Mail reports in its Wednesday edition that National Bank analyst Shane Nagle cut his share target for Hudbay Minerals to $8.25 from $10.25 ahead of the third quarter earnings season for base metals producers. The Globe's David Leeder writes that Mr. Nagle continues to rate Hudbay Minerals "sector perform." Analysts on average target the shares at $9.87. Mr. Nagle says in a note: "Despite pressure on the copper price from increasing interest rates and recession fears, equities have maintained a fair valuation, suggesting the market has been looking through near-term price/earnings volatility toward the potential of a more favourable copper price environment given the anticipated copper deficit in the coming years and further M&A activity. There is the risk operational underperformance and/or any material impact to any growth initiatives could lead to volatility in share prices." The Globe reported on July 7 that Mr. Nagle saw a "deteriorating price environment." He kept his "outperform" call, but cut his share target to $7.50. The shares were then worth $4.84. The Globe reported on July 20 that Mr. Nagle cut his recommendation for Hudbay to "sector perform." The shares could then be had for $4.46.