Bluejay Mining PLC (LON:JAY) shares rallied on Wednesday following recent falls as 'house' broker SPAngel repeated a ‘strong buy’ rating on the stock with a target price of 45p.
In early afternoon trading, the AIM-listed group’s shares were up 1.8% at 17.30p having dropped back sharply in the first two sessions of this week.
READ: Bluejay Mining says unaware of any company-specific information which would account for share price fall
In a statement on Tuesday Bluejay said that it was unaware of any company-specific inside information which would account for the negative movement in the share price in recent days.
The group confirmed that its 2018 field season continues to progress well at the company's flagship Dundas Ilmenite Project in Greenland and its strategy remains unchanged.
In a note to clients on Wednesday, SPAngel’s analysts said: “Bluejay’s performance to date is impressive given the scale of the operation it is planning in Greenland.
“We look forward to further updates on the potential scale of the offtakes being discussed and to further upgrading of the resource grade and tonnage.
“We also look forward to seeing the engineering solutions which have simplified the mining and processing process and to the impact of this on capital and operating costs as well as the effect on the project value.”