RBC Capital Markets hikes target price on Ecora Resources
RBC Capital Markets raised its target price on royalty and streaming company Ecora Resources from 100.0p to 120.0p on Thursday following the group's results call a day earlier.
The Canadian bank removed $83.0m in investments from its 2024/25 forecasts to reflect management comments on the results call regarding Ecor's Incoa project and the unlikely near-term execution of the Piaui option given current market conditions.
"This reduces our net debt and acquisition costs," said RBC. "We continue to see ECOR as a compelling investment opportunity and expect a re-rating to occur as coal exposure fades and development projects are commissioned."
Reporting by Iain Gilbert at Sharecast.com