Maxim analyst Tate Sullivan raised the firm’s price target on Caledonia Mining (CMCL) to $21 from $18 and keeps a Buy rating on the shares. The company reported Q1 revenue and EBITDA above forecasts and maintained 2025 guidance, the analyst tells investors in a research note. The firm adds that it expects Caledonia to use free cash flow to reduce debt and maintain the dividend.
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