The Globe and Mail reports in its Friday, Jan. 30, edition that National Bank Financial analyst Shane Nagle has lowered his recommendation for Hudbay Minerals to "sector perform" from "outperform." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Nagle, however, upgraded his share target to $40 from $28. Analysts on average target the shares at $36.52. Shares in Hudbay are up a whopping 212 per cent since the start of 2025, far surpassing the 82 per cent rise in the TSX Global Base Metals Index. Mr. Nagle says it is trading at a premium valuation versus peers. Mr. Nagle says in a note: "Hudbay prereleased strong Q4/25 operating results of 33,069 tonnes of copper production and 84,298 oz of gold production -- we see Q4/25 EBITDA of $460-million (U.S.). Alongside Q4/25 financials, the company is expected to provide 2026 operating guidance followed by a full three-year outlook later in March. Our copper production estimates are currently 5 per cent to 10 per cent below consensus over that period, allowing for depletion of Pampacancha ore in Q4/25 and more conservative throughput ramp-up assumptions from Copper Mountain." Mr. Nagle says the long-term growth outlook remains compelling.