11:17 AM EDT, 04/11/2024 (MT Newswires) -- BMO Capital Markets on Thursday reiterated its outperform rating on the shares of Capstone Copper ( CSCCF ) while raising its price target to C$10.50 from C$9.00 on higher copper prices and the start up of its Mantoverde Development Project (MVDP) in Chile.

"Undoubtedly, the recent strength in copper prices has been a positive tailwind for Capstone, and with first saleable concentrate of the MVDP on track for Q2/24. Perhaps underappreciated, however, is the gold production that also comes alongside. In our view, a continued focus will remain on the ramp-up of the MVDP, and followed by operational consistency. Bigger picture, production growth and margin expansion across Capstone should drive improved EBITDA, stronger cash flows, and support balance sheet deleveraging efforts. Target price increases to $10.50 (from $9.00)," analyst Rene Cartier wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 9.23, Change: -0.12, Percent Change: -1.28