Scotiabank Reiterates C$4.75 Price Target for Nevsun Resources (NSU)

Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) has been assigned a C$4.75 price target by stock analysts at Scotiabank in a research report issued on Friday. The firm currently has an “outperform” rating on the basic materials company’s stock. Scotiabank’s target price points to a potential upside of 56.25% from the company’s previous close.

Several other equities analysts also recently commented on NSU. Zacks Investment Research upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$2.50 price objective on the stock in a research note on Thursday, September 14th. TD Securities upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.75 price objective on the stock in a research note on Friday, October 27th. Royal Bank of Canada upped their price objective on Nevsun Resources from C$4.00 to C$5.00 in a research note on Monday, October 30th. Eight Capital upgraded Nevsun Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from C$2.25 to C$4.25 in a research note on Monday, October 30th. Finally, Canaccord Genuity upped their price objective on Nevsun Resources from C$3.25 to C$4.50 in a research note on Monday, October 30th. 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 company. Nevsun Resources presently has an average rating of “Buy” and a consensus price target of C$4.31.

Shares of Nevsun Resources (TSE:NSU) traded down C$0.14 during midday trading on Friday, hitting C$3.04. The stock had a trading volume of 506,772 shares, compared to its average volume of 255,030. Nevsun Resources has a 12-month low of C$2.49 and a 12-month high of C$4.63. The stock has a market cap of $905.13, a P/E ratio of -13.82 and a beta of 0.52.

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

A number of hedge funds have recently modified their holdings of NSU. Schroder Investment Management Group increased its holdings in shares of 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 worth $6,234,000 after purchasing an additional 127,338 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 worth $838,000 after purchasing an additional 354,252 shares during the period. Global X MANAGEMENT CO LLC increased its holdings in shares of 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 worth $1,462,000 after purchasing an additional 173,800 shares during the period. Shell Asset Management Co. increased its holdings in shares of 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 during the period. Finally, Bank of Nova Scotia increased its holdings in shares of 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 during the period.

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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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