Scotiabank Cuts Nevsun Resources (TSE:NSU) Price Target to C$3.50

Nevsun Resources (TSE:NSU) (TSE:NSU) had its price target cut by research analysts at Scotiabank from C$4.00 to C$3.50 in a note issued to investors on Thursday. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price would suggest a potential upside of 33.59% from the stock’s previous close.

Other research analysts have also issued reports about the company. TD Securities lowered Nevsun Resources from a “buy” rating to a “hold” rating and decreased their target price for the company from C$5.00 to C$4.00 in a report on Thursday. Royal Bank Of Canada reiterated an “outperform” rating on shares of Nevsun Resources in a report on Monday, April 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of C$4.50.

Shares of Nevsun Resources (NSU) traded down 17.33% on Thursday, reaching $2.72. The company had a trading volume of 3,051,653 shares. The company has a 50 day moving average of $3.17 and a 200-day moving average of $3.38. The company has a market capitalization of $821.37 million and a P/E ratio of 388.57. Nevsun Resources has a 52 week low of $2.49 and a 52 week high of $4.63.

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A number of hedge funds have recently made changes to their positions in NSU. Franklin Resources Inc. increased its stake in shares of Nevsun Resources by 14.9% in the second quarter. Franklin Resources Inc. now owns 10,722,600 shares of the basic materials company’s stock worth $25,893,000 after buying an additional 1,387,500 shares during the period. CIBC World Markets Inc. increased its stake in shares of Nevsun Resources by 42.1% in the second quarter. CIBC World Markets Inc. now owns 213,286 shares of the basic materials company’s stock worth $514,000 after buying an additional 63,185 shares during the period. Swiss National Bank increased its stake in shares of Nevsun Resources by 6.1% in the second quarter. Swiss National Bank now owns 523,000 shares of the basic materials company’s stock worth $1,263,000 after buying an additional 30,300 shares during the period. Tocqueville Asset Management L.P. acquired a new stake in shares of Nevsun Resources during the second quarter worth about $811,000. Finally, Deprince Race & Zollo Inc. increased its stake in shares of Nevsun Resources by 36.9% in the second quarter. Deprince Race & Zollo Inc. now owns 232,720 shares of the basic materials company’s stock worth $561,000 after buying an additional 62,720 shares during the period.

Nevsun Resources Company Profile

Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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