The Globe and Mail reports in its Tuesday edition that RBC Dominion Securities analysts added Skeena Resources to their "Best Ideas Portfolio" of global mining stocks for the second quarter of the year.
The Globe's David Leeder writes in the Eye On Equities column that Skeena was the only company joining the list of 24 equities, replacing London-based Hochschild Mining.
RBC says in a note: "The Q1/22 RBCCM Global Mining Best Ideas equal-weighted portfolio was up 23 per cent in the quarter, in line with the MSCI World Metals and Mining Index benchmark performance, which was also up 23 per cent. While all sectors were in the positive this quarter, fertilizers were up the most as supply disruptions on the back of Russia's [unprovoked] invasion of Ukraine drove fertilizer prices sharply higher. The Bulk Commodities & Diversified sector was up the second most on the back of much higher met coal and iron ore prices."
Seeing Skeena "checking the right boxes," analyst Michael Siperco has an "outperform" rating and $21 share target, exceeding the $22.09 average on the Street. Mr. Siperco says, "Skeena trades at 0.65 times NAV at spot, in line with peers but meriting a more material premium, in our view."
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