Jefferies downgraded Calibre Mining (CXBMF) to Hold from Buy with an unchanged price target of C$3. Q4 earnings beat primarily on below-the-line items and 2025 guidance and the latest budgeted capex and timeline for the new Valentine mine in Canada were re-affirmed, notes the analyst. The stock has re-rated with the de-risking of Valentine, with a return of 48% year-to-date and the firm now sees “insufficient return” to its unchanged price target the analyst tells investors.
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