Royal Bank Of Canada Increases Nevsun Resources (NSU) Price Target to C$5.00

Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) had its price target upped by research analysts at Royal Bank Of Canada from C$4.00 to C$5.00 in a research note issued to investors on Monday, October 30th. Royal Bank Of Canada’s target price suggests a potential upside of 63.93% from the company’s previous close.

A number of other brokerages have also issued reports on NSU. Scotiabank reiterated a “sector perform” rating and set a C$4.00 price target on shares of Nevsun Resources in a research report on Monday, July 17th. TD Securities lowered Nevsun Resources from a “buy” rating to a “hold” rating and cut their price objective for the company from C$5.00 to C$4.00 in a report on Thursday, August 10th. Zacks Investment Research lowered Nevsun Resources from a “hold” rating to a “sell” rating in a report on Saturday, October 14th. Eight Capital restated a “neutral” rating on shares of Nevsun Resources in a report on Thursday, August 17th. Finally, BMO Capital Markets lowered Nevsun Resources from an “outperform” rating to a “market perform” rating and cut their price objective for the company from C$4.00 to C$3.25 in a report on Wednesday, August 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of C$4.31.

Shares of Nevsun Resources (TSE:NSU) opened at C$3.05 on Monday. Nevsun Resources has a twelve month low of C$2.49 and a twelve month high of C$4.63.

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In related news, insider Scott Trebilcock purchased 40,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was bought at an average price of C$2.82 per share, for a total transaction of C$112,800.00. Also, insider Peter Gerald Jan Kukielski purchased 105,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were bought at an average price of C$2.62 per share, with a total value of C$275,100.00.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Schroder Investment Management Group boosted its stake in shares of Nevsun Resources by 5.9% during the 3rd quarter. Schroder Investment Management Group now owns 2,291,699 shares of the basic materials company’s stock worth $6,234,000 after acquiring an additional 127,338 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nevsun Resources by 1,040.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 388,286 shares of the basic materials company’s stock worth $838,000 after acquiring an additional 354,252 shares in the last quarter. Global X MANAGEMENT CO LLC boosted its stake in shares of Nevsun Resources by 34.5% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 677,324 shares of the basic materials company’s stock worth $1,462,000 after acquiring an additional 173,800 shares in the last quarter. Shell Asset Management Co. boosted its stake in Nevsun Resources by 87.7% during the 3rd quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock valued at $193,000 after purchasing an additional 22,248 shares during the period. Finally, Bank of Nova Scotia boosted its stake in Nevsun Resources by 88.5% during the 2nd quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock valued at $221,000 after purchasing an additional 42,987 shares during the period.

About Nevsun Resources

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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