RBC Capital Markets hikes target price on Ecora Resources

5th Sep 2024 15:42

(Sharecast News) - RBC Capital Markets raised its target price on royalty and streaming company Ecora Resources from 100.0p to 120.0p on Thursday following the group's results call a day earlier.

The Canadian bank removed $83.0m in investments from its 2024/25 forecasts to reflect management comments on the results call regarding Ecor's Incoa project and the unlikely near-term execution of the Piaui option given current market conditions.

"This reduces our net debt and acquisition costs," said RBC. "We continue to see ECOR as a compelling investment opportunity and expect a re-rating to occur as coal exposure fades and development projects are commissioned."

Reporting by Iain Gilbert at Sharecast.com