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

Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) has been given a C$4.75 price objective by research analysts at Scotiabank in a research note issued on Friday, January 12th. The firm currently has an “outperform” rating on the basic materials company’s stock. Scotiabank’s price target would suggest a potential upside of 60.47% from the company’s previous close.

Several other analysts have also weighed in on the company. Zacks Investment Research lowered Nevsun Resources from a “hold” rating to a “sell” rating in a report on Saturday, October 14th. Royal Bank of Canada upped their target price on Nevsun Resources from C$4.00 to C$5.00 in a report on Monday, October 30th. TD Securities upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.75 price objective for the company in a research report on Friday, October 27th. Macquarie upgraded Nevsun Resources from a “neutral” rating to an “outperform” rating in a research report on Monday, November 13th. Finally, Canaccord Genuity upped their target price on Nevsun Resources from C$3.25 to C$4.50 in a research report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of C$4.31.

Shares of Nevsun Resources (TSE:NSU) traded up C$0.02 during midday trading on Friday, hitting C$2.96. The stock had a trading volume of 228,484 shares, compared to its average volume of 348,772. The stock has a market capitalization of $894.55, a price-to-earnings ratio of -13.45 and a beta of 0.52. Nevsun Resources has a twelve month low of C$2.49 and a twelve month high of C$4.39.

In other news, Director David Smith purchased 20,500 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was bought at an average cost of C$2.77 per share, for a total transaction of C$56,785.00.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NSU. K2 Principal Fund L.P. bought a new stake in shares of Nevsun Resources in the second quarter valued at about $169,000. Virtu KCG Holdings LLC raised its position in Nevsun Resources by 605.3% in the second quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 66,465 shares in the last quarter. Shell Asset Management Co. raised its position in Nevsun Resources by 87.7% in the third quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock worth $193,000 after purchasing an additional 22,248 shares in the last quarter. Bank of Nova Scotia raised its position in Nevsun Resources by 88.5% in the second quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock worth $221,000 after purchasing an additional 42,987 shares in the last quarter. Finally, CIBC World Markets Inc. raised its position in Nevsun Resources by 42.1% in the second quarter. CIBC World Markets Inc. now owns 213,286 shares of the basic materials company’s stock worth $514,000 after purchasing an additional 63,185 shares in the last quarter.

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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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