Scorpio Mining buy, target price raised
Analyst Barry Allan of Research Capital maintains his “buy” rating on Scorpio Mining Corp (ticker: SZ7). The target price has been raised from C$2.50 to C$3.
In a research note published this morning, the analyst mentions that drill data from the Nuestra Senora mine indicates that when the next 43-101 resource is released, which is likely in mid-October, the resource size and quality would have improved significantly. Scorpio Mining’s NAV per share is estimated to have risen from C$2.56 to C$3.16 on account of revised resource in the financial model, offset partially by an increase in annual capital maintenance, the analyst says.
