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Capstone Copper Maintained at Neutral at CIBC After Q1 Results; Price Target Raised to C$16.00

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CIBC Capital Markets maintained its neutral rating on the shares of Capstone Copper (CS.TO) while raising its price target to C$16.00 from C$15.50 following the company's first-quarter results.

"After incorporating Q1/26 financial and operational results, potential cost impacts, and updated year-end mineral reserves, we are raising our Price Target to C$16.00 from C$15.50, and reiterating our Neutral rating. Overall, our NAVPS has declined slightly to $9.23 from $9.86. Similarly, our FY26E SCFPS has decreased to $1.01 from $1.22, and our FY26E EBITDA is now $1,445M, down slightly from $1,447M. Additionally, we modestly increased our P/NAV multiple from 0.9x to 1.0x to account for the expected production growth and leverage to copper prices. We also increased our P/SFCF and EV/EBITDA multiples from 8.0x to 10.0x, reflecting the long-life nature of the company's core operations," analyst Anita Soni wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $15.48, Change: $+0.47, Percent Change: +3.13%

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