BMO Capital reinstated coverage of Nexa Resources (NEXA) with a Market Perform rating and $6 price target Free cash flow generation has been difficult for the company in recent years with weak smelting margins, Aripuana struggling through a multi-year ramp-up, and El Porvenir and Atacocha investing in tailings capacity, the analyst tells investors in a research note. While the firm expects operating cash flow to improve, the near-term focus for Nexa will be on deleveraging, and the company’s medium-term growth remains weak, BMO added.
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