real-time news and commentary for investors
Tuesday, Nov 5
J.P. Morgan expects strong Q4 from Buenaventura
- Buenaventura (BVN -0.7%), currently trading at base metals levels due partly to Peruvian politics, is a solid buy for long-term investors, J.P. Morgan says as it raises its price target on the shares to $20 from $19.
- The firm likes BVN’s nearly 60-year record of reserve replacement and its ongoing commitment to organic reserve growth, and expects a strong Q4; Q3 earnings were dragged down by one-off charges at Yanacocha, but the firm expects the mine to exceed the mid-point guidance expectation of 975koz.
- The analysts also believe BVN will be able to complete its major projects by the end of this year and next year’s capex level will drop.