Scotiabank Upgrades Labrador Iron Ore Royalty Corporation (LIF) to Outperform
Labrador Iron Ore Royalty Corporation (TSE:LIF) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a note issued to investors on Thursday. The firm currently has a C$23.00 target price on the stock, up from their previous target price of C$20.00. Scotiabank’s price target would suggest a potential upside of 16.93% from the stock’s current price.
Several other equities analysts also recently weighed in on LIF. CSFB downgraded shares of Labrador Iron Ore Royalty Corporation from a “neutral” rating to an “underperform” rating and dropped their target price for the company from C$20.00 to C$16.50 in a report on Tuesday, May 23rd. Eight Capital restated a “neutral” rating on shares of Labrador Iron Ore Royalty Corporation in a report on Thursday, August 17th.
Shares of Labrador Iron Ore Royalty Corporation (TSE:LIF) traded up 2.75% during mid-day trading on Thursday, reaching $20.21. 337,246 shares of the company traded hands. The company has a market capitalization of $1.30 billion and a P/E ratio of 9.65. Labrador Iron Ore Royalty Corporation has a 52 week low of $12.79 and a 52 week high of $20.67. The stock’s 50-day moving average is $18.18 and its 200-day moving average is $17.79.
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In other news, Director Duncan Newton Rowell Jackman purchased 3,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of C$18.69 per share, for a total transaction of C$56,070.00.
About Labrador Iron Ore Royalty Corporation
Labrador Iron Ore Royalty Corporation, together with its subsidiary, Hollinger-Hanna Limited, owns a 15.10% equity interest in Iron Ore Company of Canada (IOC) that operates an iron mine near Labrador City, Newfoundland and Labrador. IOC engages in the production and sale of iron ore pellets and concentrates in North America, Europe, the Middle East, and the Asia-Pacific region.
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