Franco-Nevada Corporation (TSX:FNV) reported its fourth quarter and year-end 2022 operating and financial results on Wednesday, with the gold-focused royalty and streaming company providing softer-than-expected 2023 guidance of 640,000 to 700,000 gold equivalent ounces (GEOs) sold, Stifel GMP analysts wrote in a report published on Thursday.
They also noted that Cobre Panama has resumed processing operations, with Franco-Nevada forecasting attributable revenue GEOs of 115,000 to 135,000 in 2023.
Interest in luxury fashion is fading, said RBC, with sporting goods coming into focus.
Investor sentiment has normalised across luxury brands, with the market impacted by China’s growth compared to the rest of the world, the speed of Chinese travel recovery, pricing support and margin sustainability at LVMH and Richemont.
Copper and zinc are out of favor with analysts at Citi, who say they are “incrementally bearish” on the metals over the coming months.
“Our updated view is for further downside in copper to $8,000/t from $8,500/t, and $2,700/t for zinc from $2,900/t over the next three months,” analysts wrote in a note to clients.
Copper demand is set to grow from renewables and electric vehicles (EVs) as pillars of the energy transition but less so from EV chargers and grid upgrades despite the up to $60bln opportunity in US EV charging infrastructure, according to analysts at UBS.
“We are bullish out the outlook for copper demand from EV and renewables but have been sceptical on the materiality of the EV chargers and grid upgrades,” the analysts wrote in a note to clients.
Analysts at Canaccord Genuity (TSX:CF, LSE:CF) are reviewing their coverage of Virgin Orbit Holdings Inc (NASDAQ:VORB) following the company’s announcement that it would be pausing its operations for a week and furloughing staff without pay.
The California-based satellite launch company said on Thursday that it was exploring strategic options and was in talks for funding, with the news of its "operations pause" coming just two months after its failed rocket launch in the UK.
Credit Suisse Group's (NYSE:CS) troubles will likely lead to a takeover by UBS Group AG (NYSE:UBS), analysts at investment bank JP Morgan believe.
In a note to investors, analysts wrote that the embattled Swiss lender had several paths forward, the most probable being an acquisition by UBS.
Analysts at Stifel GMP said TerrAscend Corp’s application to list on the Toronto Stock Exchange (TSX) is more likely than not to be successful, with expanded investor access to the stock and higher trading volumes potentially leading to the stock achieving a valuation re-rating.
In a note to clients, the analysts said they were maintaining their ‘Buy’ rating and C$4.50 price target for the stock of the North American cannabis operator following the uplisting application announcement.
Shares in Keywords Studios PLC (AIM:KWS, OTC:KYYWF) fell almost 8% after meeting already-upgraded guidance as it fell victim to the indiscriminate and panic selling of equities prompted by worries over the banking sector.
No matter that Keywords’ revenues grew by 35% to €691mln year-on-year or that profit before tax rose 30% to €112mln for the 12 months ended December 31.
Atlantic Lithium’s confirmation that the Definitive Feasibility Study (DFS) at the Ewoyaa spodumene lithium project in Ghana is progressing well, and on track for release in a few months is reassuring, said Liberum.
The DFS will evaluate increased throughput, and the broker’s current target price of 56p (previously 57p) is based on an expanded 3Mtpa DFS case.
Newmont Mining Corporation of Canada Ltd (TSX:NGT) delivered fourth-quarter 2022 results and updated guidance that were 'in line to slightly positive' versus the expectations of analysts at Canaccord Genuity (TSX:CF, LSE:CF).
Still, they were enough to earn the gold producer an upgraded ‘Buy’ rating, from ‘Hold’, with an increased price target of $55.
DocGo Inc, a last-mile health services company, continues to prove it can successfully replace its COVID testing revenue after it posted 4Q results that beat expectations, according to analysts at Canaccord Genuity (TSX:CF, LSE:CF).
In a note to clients, the analysts highlighted that DocGo’s results beat both their and the consensus estimates for the quarter.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) is seeing “operational success” on the Tapir Block in the Llanos Basin of Colombia, according to analysts at Canaccord Genuity (TSX:CF, LSE:CF).
The energy firm reported earlier that its second well in the company's 2023 drilling programme at the Rio Cravo Este field (RCE) on the Tapir licence reached total depth (TD) at 8,053 feet true vertical depth (TVD).
Analysts at Canaccord Genuity (TSX:CF, LSE:CF) have reiterated their ‘Buy’ rating and US$60 price target for COMPASS Pathways after the mental health care company adjusted the trial design for its COMP360 phase 3 program investigating psilocybin for treatment-resistant depression (TRD).
“We are not making any major changes to our model post-4Q22 results,” the analysts wrote in a note to clients.
GR Silver Mining (TSX-V:GRSL) Ltd has earned a ‘Buy’ rating and C$0.70 price target, an upside of seven times its current share price of C$0.10, from Red Cloud Securities analysts in their initial coverage of the stock.
In a note to clients, the analysts wrote that GR Silver’s 100%-owned flagship Plomosas silver project in Mexico hosts three past-producing mines and plenty of exploration targets with existing infrastructure facilities along 75 kilometres of a prospective trend in a prominent silver-producing region.
Gold prices continued to rise on Monday with the hit to the US dollar on sinking yields in the wake of the Silicon Valley Bank (SVB) crisis along with safe-haven demand from investors strengthening the yellow metal.
Gold prices had risen 2.6% to US$1,915.90 per ounce late morning on Monday, while the price of silver was up 6.8% at US$21.91 per ounce.
Peel Hunt analysts have downplayed Learning Technologies Group plc’s exposure to Silicon Valley Bank’s collapse.
Out of its £110.7mln cash reserve, the company had £9.4m deposited with SVB and £2.3m with SVB UK as of Marck 10.