Marimaca Copper, the Basic Materials sector company, was revisited by a Wall Street analyst on September 5. Analyst Rene Cartier from BMO Capital maintained a Buy rating on the stock and has a C$13.00 price target.
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Rene Cartier has given his Buy rating due to a combination of factors related to Marimaca Copper’s recent strategic financial moves and potential growth opportunities. The company has successfully raised approximately A$80 million through a brokered placement, which will fund its next phase of development, including early site works and exploration activities. This capital raise, despite being conducted at a discount, was strongly supported by both new and existing investors, indicating confidence in the company’s future prospects.
Furthermore, Marimaca Copper is poised for positive developments as it advances its permitting process and releases new studies. The continued exploration success at Marimaca and throughout its land package is expected to increase resources, thereby enhancing the mine’s lifespan. Additionally, the early-stage sulphide potential at the project could provide significant upside, making the stock an attractive investment opportunity.
Cartier covers the Basic Materials sector, focusing on stocks such as Marimaca Copper, Altius Minerals, and Taseko Mines. According to TipRanks, Cartier has an average return of 26.3% and a 64.04% success rate on recommended stocks.
In another report released on September 4, Raymond James also maintained a Buy rating on the stock with a C$11.50 price target.