Collective Mining price target raised to $16.50 from $15 at Roth Capital

Roth Capital raised the firm’s price target on Collective Mining (CNL) to $16.50 from $15 and keeps a Buy rating on the shares. The company believes that it has discovered a high-grade porphyry system at its Pound target on its San Antonio project, and while Collective Mining is exceeding expectations at its Apollo target on its nearby Guayabales project, the firm did not expect a discovery at San Antonio, which was not in its valuation estimate, the analyst tells investors in a research note.