ATEX Resources Kept at Outperform, Speculative, at BMO; Price Target Raised to C$2.50

MT Newswires Live11-06

BMO Capital Markets on Tuesday maintained its outperform, speculative risk, rating on the shares of ATEX Resources (ATX.V) while raising its price target to C$2.50 from C$2.25 following an investment in the company by Agnico Eagle Mines (AEM.TO).

" Following a period of research restriction, we are resuming coverage on shares of ATEX. Through our investor conversations, one of the biggest question marks for ATEX was an associated financing, and to settle the company's credit facility. While the facility will be settled through equity, the strategic investment by Agnico Eagle (Not Rated) provides meaningful proceeds towards exploration, and is a strong endorsement of the project from a company with large-scale mining experience. On the back of the announcement, our target price increases to $2.50 (from $2.25)," analyst Rene Cartier noted.

(MT Newswires 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.mtnewswires.com/contact-us)

Price: 1.69, Change: +0.01, Percent Change: +0.60

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