Nexa Resources price target lowered to $4.50 from $5 at Scotiabank

Scotiabank analyst Orest Wowkodaw lowered the firm’s price target on Nexa Resources (NEXA) to $4.50 from $5 and keeps an Underperform rating on the shares. The firm is revisiting its price targets on companies in the Metals & Mining sector during this period of uncertainty, the analyst tells investors. The firm has reduced its near-term commodity price expectations and compressed its equity multiples for most miners. Additionally, while valuations appear attractive, further downside risks are very possible, Scotiabank adds.