The Globe and Mail reports in its Thursday, Sept. 30, edition that on Wednesday, RBC Dominion Securities maintained its 2022 copper estimate of $3.75, believing "moderating demand and increasing supply could tip the market back into a small surplus." The Globe's David Leeder writes in the Eye On Equities column that RBC, however, raised its medium-term projections, noting "it wouldn't take much to keep the market in a deficit."
RBC trimmed its 2022 iron ore estimate, expecting "moderating steel demand in China and normalizing supply to push the market back into surplus."
With those changes, RBC analyst Sam Crittenden cut his share target price for Nevada Copper by 50 cents to $2. He rates Nevada Copper "outperform." Analysts on average target the shares at $2.13. The Globe reported on Oct. 14, 2020, that Scotia Capital analyst Orest Wowkodaw had downgraded Nevada Copper to "sector perform" from "sector outperform." The shares could then be had for 12 cents. The shares climbed to a 52-week high of $3.15 in May, 2021.
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