Nevsun Resources (NYSEAMERICAN:NSU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $2.75 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.06% from the stock’s previous close.
According to Zacks, “NEVSUN RESOURCES LTD., is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company’s portfolio is focused on properties in Africa with gold and base metal (copper and zinc) resources/reserves. The Company’s principal mineral properties are the Bisha property located in Eritrea, North-East Africa. “
Separately, Macquarie raised Nevsun Resources from a “neutral” rating to an “outperform” rating in a report on Monday, November 13th.
Nevsun Resources (NYSEAMERICAN NSU) opened at $2.39 on Friday. Nevsun Resources has a twelve month low of $1.96 and a twelve month high of $3.52. The company has a market capitalization of $721.90, a price-to-earnings ratio of -14.06 and a beta of 0.88.
A hedge fund recently raised its stake in Nevsun Resources stock. Allianz Asset Management GmbH increased its holdings in Nevsun Resources (NYSEAMERICAN:NSU) by 2,773.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 390,000 shares of the company’s stock after buying an additional 376,427 shares during the period. Allianz Asset Management GmbH owned 0.13% of Nevsun Resources worth $842,000 as of its most recent SEC filing.
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.
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