Seeking Alpha

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.
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