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Lundin Mining Price Target Raised to $47 at RBC

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RBC Capital Markets raised its price target on Lundin Mining Corp. (LUN.TO) to $47 from $42.

Analyst Sam Crittenden maintained a Sector Perform rating on shares of the Vancouver-based mining company following its Capital Markets Day.

Crittenden said the event "reinforced a compelling long-term copper-growth narrative anchored by the imminent sanctioning of Vicuna, a potential top-5 global copper, gold and silver complex, alongside tangible near-term brownfield opportunities at Candelaria, Caserones, and Chapada."

"With Vicuna sanction targeted by year-end and +500ktpa production growth on the horizon, the growth case is clear," the analyst said in a note to clients.

"With the shares pricing in success at Vicuna and trading at a premium to peers, we reiterate our Sector Perform rating and raise our target."

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