Faraday Copper Kept at Outperform, Speculative at BMO After Financing Announced; Price Target Raised to C$5.00

MT Newswires Live00:35

BMO Capital Markets on Tuesday reiterated its outperform, speculative-risk rating on the shares of Faraday Copper (FDY.TO) while raising its price target to C$5.00 from C$4.50 after the company said it will seek $100 million in a private placement.

"Faraday announced a non-brokered private placement financing for gross proceeds of up to C$100M. While a financing does not come as much of a surprise, it does come earlier than expected. Net proceeds from the financing will be primarily used for the advancement of copper projects, including transaction expenses in connection with the planned acquisition and integration of the San Manuel property from BHP. After incorporating the financing, our target price increases to C$5.00 (from C$4.50)," analyst Rene Cartier wrote.

(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: 4.63, Change: +0.09, Percent Change: +1.98

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