Altius Minerals upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Altius Minerals (ATUSF) to Outperform from Sector Perform with a price target of C$33, up from C$27. The firm has updated estimates for the company’s 3.0% gross revenue royalty on Champion Iron’s (CIAFF) proposed Kami Fe project in the Labrador Trough, which took “a significant step forward this week” following Champion’s announced project partnership with two major steel producers. The firm views this development as “very positive” for Altius shares, the analyst tells investors.