- 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.
J.P. Morgan expects strong Q4 from Buenaventura
Nov 5 2013, 11:55 ET