The Globe and Mail reports in its Wednesday, Feb. 18, edition that National Bank Financial analyst Shane Nagle has lowered his recommendation for Lundin Mining to "sector perform" from "outperform" due to recent share price appreciation and the need for higher capital spending on the Vicunas project joint venture along the Chile-Argentina border. The Globe's David Leeder writes that Mr. Nagle continues to target the shares at $40. Analysts on average target the shares at $33.59. Mr. says in a note: "Shares of Lundin are up 181 per cent since the start of 2025 (TSX Global Base Metals Index up 78 per cent over the same period) and are up 298 per cent since we upgraded to 'outperform' on Nov. 2, 2023, (vs. Index up 112 per cent). Given the strong share price performance, our expectation that the market will take a more cautious approach to growth outlook given the pending development of Vicunas and a premium valuation of 1.16 times NAV (peers (1.14 times) and 10.4 times EV/2027 estimated cash flow (peers at 7.2 times), we are moving to 'sector perform.' ... We expect higher LOM capital costs and the need to continue converting resources will remain near-term headwinds as the project approaches sanctioning later this year."