-- Stifel Canada on Monday reiterated its buy rating on the shares of Hudbay Minerals (HBM.TO) and its C$41.00 price target following the company's first-quarter results.
"Hudbay reported Q1/26 adjusted EPS of $0.40 vs. our $0.28 (consensus: $0.34) and adjusted EBITDA of $422Mln vs. our $364Mln (consensus: $376Mln) primarily due to higher metals sales (+3% higher copper sales; +9% higher gold sales). Q1/26 copper production of 27.9Kt and gold production of 61.7Koz was in-line at lower consolidated copper cash costs of $(1.80)/lb vs. our $(1.45)/lb. FY26 production and cost guidance was reaffirmed across all metals. Net debt was reduced to $5.6Mln (0.0x net debt/EBITDA) following closing of the Copper World JV transaction with Mitsubishi for a 30% minority interest and the all-stock Arizona Sonoran acquisition that is on track to close in Q2/26. The Copper World Definitive Feasibility Study (DFS) is more than 85% complete and on track for completion in mid-2026 with a project sanction decision expected later in 2026," analyst Ralph Profiti 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: $30.08, Change: $-0.94, Percent Change: -3.03%