Ecora Resources PLC's (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) half-year has prompted RBC to remove US$83 million in investments from its 2024/2025 forecasts due to comments on the call on the Incoa project and the unlikely near-term execution of the Piaui option.
As a result, net debt and acquisition costs are reduced, increasing RBC’s price target from 100p to 120p.
“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,” said the note.
'Outperform' is the investment view.