The Globe and Mail reports in its Friday, May 3, edition that analysts at Jefferies call Hudbay Minerals one of their "significant" copper growth stories. The Globe's David Leeder writes in the Eye On Equities column that the Jefferies stockpickers continue to rate the company "hold," with a $13 share target. Analysts on average target the shares at $12.74. The Jefferies analysts say in a note: "Copper development capex is insufficient to match the current secular demand growth outlook. That is part of the reason for Jefferies street-high copper price forecast in 2027-2028 ($6/lb). The reason for the lack of spending in new copper capacity is simple: investors do not expect the risk-adjusted return to exceed the cost of capital due to inflating costs, justified fears of capex overruns and concerns over long-term asset security. However, this does not mean that projects and growth cannot happen. It just means that companies need to have more prerequisites in place in order to achieve it. Namely, we identify as critical factors: exceptional geology, high IRR projects (typically niche opportunities rather than greenfield megaprojects), and credible teams."