2218 GMT - AIC Mines's shares are down some 46% from their May peak, and Jefferies thinks they have been oversold. Analyst Daniel Roden rates AIC Mines a buy, noting that its 1Q production and 2Q guidance beat expectations, although the miner still underperformed its peers. "Lower valuations also prohibit near-term M&A, in our view," Jefferies says. That means management is likely to focus more on developing its Eloise and Jericho operation to expand production beyond the current 20,000 tons/year target over a 5-10 year period, the bank adds. "AIC maintains a strong balance sheet, and continues to provide safe, quality exposure to the copper thematic at relatively attractive valuations," Jefferies says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 17, 2024 18:18 ET (22:18 GMT)
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