Nevsun Resources (NSU) Given a C$4.75 Price Target at Scotiabank

Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) has been given a C$4.75 target price by analysts at Scotiabank in a research report issued to clients and investors on Friday. The firm presently has an “outperform” rating on the basic materials company’s stock. Scotiabank’s target price suggests a potential upside of 58.86% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Macquarie raised shares of Nevsun Resources from a “neutral” rating to an “outperform” rating in a research note on Monday, November 13th. Canaccord Genuity increased their price objective on shares of Nevsun Resources from C$3.25 to C$4.50 in a research note on Monday, October 30th. Eight Capital upgraded shares of Nevsun Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from C$2.25 to C$4.25 in a research note on Monday, October 30th. Royal Bank of Canada increased their price objective on shares of Nevsun Resources from C$4.00 to C$5.00 in a research note on Monday, October 30th. Finally, TD Securities upgraded shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.75 target price for the company in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of C$4.31.

Shares of Nevsun Resources (TSE NSU) traded down C$0.05 during midday trading on Friday, reaching C$2.99. 242,134 shares of the company were exchanged, compared to its average volume of 368,377. The firm has a market cap of $905.13, a price-to-earnings ratio of -13.59 and a beta of 0.52. Nevsun Resources has a 12-month low of C$2.49 and a 12-month high of C$4.63.

In other Nevsun Resources news, Director David Smith bought 20,500 shares of the stock in a transaction dated Wednesday, December 6th. The shares were bought at an average cost of C$2.77 per share, with a total value of C$56,785.00.

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Nevsun Resources by 505.7% during the second quarter. Royal Bank of Canada now owns 980,600 shares of the basic materials company’s stock worth $2,364,000 after purchasing an additional 818,703 shares during the period. FIL Ltd increased its stake in Nevsun Resources by 10.0% in the second quarter. FIL Ltd now owns 10,492,649 shares of the basic materials company’s stock valued at $25,323,000 after acquiring an additional 949,823 shares during the last quarter. Global X MANAGEMENT CO LLC increased its stake in Nevsun Resources by 34.5% in the third quarter. Global X MANAGEMENT CO LLC now owns 677,324 shares of the basic materials company’s stock valued at $1,462,000 after acquiring an additional 173,800 shares during the last quarter. Schroder Investment Management Group increased its stake in Nevsun Resources by 5.9% in the third quarter. Schroder Investment Management Group now owns 2,291,699 shares of the basic materials company’s stock valued at $6,234,000 after acquiring an additional 127,338 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nevsun Resources by 1,040.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 388,286 shares of the basic materials company’s stock valued at $838,000 after acquiring an additional 354,252 shares during the last quarter.

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Nevsun Resources Company Profile

Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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