The Globe and Mail reports in its Tuesday, Oct. 21, edition that National Bank Financial analyst Rabi Nizami is keeping his "sector perform" recommendation for Trilogy Metals intact. The Globe's David Leeder writes that Mr. Nizami's share target soared $4.75 to $8. Analysts on average target the shares at $5.20. Mr. Nizami warns volatility around shares of Trilogy is "likely to remain elevated" following the recent announcement of a proposed 10-per-cent U.S. government equity stake, but he acknowledges "recent precedents which suggest that similar policy-driven reratings can persist." Mr. Nizami says in a note: "Trilogy shares spiked on the news and continue to be volatile (up 211 per cent initially, up 411 per cent during the week, now 209 per cent above pre-announcement levels) with record volumes reflecting generalist interest and mainstream media attention. ... U.S. government entries into MP Materials (up 169 per cent; 100 days since announcement), Intel (up 49 per cent; 56 days) and Lithium Americas (up 121 per cent; 24 days) have all retained or expanded reratings over multiple weeks. ... We assume start of mine construction accelerated to 2028 (was 2032), plus exploration upside for an overall 47-per-cent NAVPS uplift."