National Bank of Canada Initiates Coverage of Champion Iron, Oceanic Iron Ore
National Bank of Canada on Tuesday initiated coverage of Champion Iron (CIA.TO) and Oceanic Iron Ore (FEO.V).The bank gave Champion Iron an outperform rating and C$5.75 price target, while Oceanic Iron Ore received an outperform rating and $1.70 price target.National Bank named Champion Iron as its producer of choice despite near-term cost impacts.The company is an established high-grade iron ore producer, with significant value-in-use premiums for the company's direct reduced-feed iron concentrate to be realized as shipments ramp up throughout the second half, the bank said.Oceanic Iron Ore is an iron ore developer that is well positioned in the market that is shifting to high-purity iron ore.Oceanic Iron Ore is advancing the Hopes Advance project, which benefits from its coastallocation and "no-rail" development concept. The preliminary economic assessment mine plan evaluates only three of the 10 known iron deposits within the property, outlining the potential for further development opportunities, the bank said.Champion Iron traded at $3.91 per share at last look Wednesday on the Toronto Stock Exchange.Oceanic Iron Ore's share price stood at $0.69 at last look on the TSX Venture Exchange.Price: $0.69, Change: $-0.01, Percent Change: -1.43%
