Hudbay Minerals stock surges toward 7th-straight gain, after double upgrade at BofA amid bullish copper view
The U.S.-listed shares of Hudbay Minerals Inc. shot up 8.4% in morning trading, putting them on track for a seventh straight gain, after BofA Securities analyst Lawson Winder swung to bullish from bearish on the Toronto-based copper producer, citing a "greatly improved outlook" for the copper business given expectations that copper prices will rise. A seven-day win streak would be the longest since it rose for nine straight days through Dec. 28, 2017. Winder double upgraded Hudbay to buy from underperform, while boosting his price target by 15% to $9.50. The stock has soared 35.0% during its current win streak, to trade just shy of its Feb. 24 three-year closing high of $8.33. "We see a greatly improved outlook for the copper business and BofA is bullish copper prices," Winder wrote in a note to clients. "2022-2023 copper production guidance was better than expected, while copper, gold and silver reserves were more than replaced." Continuous copper futures fell 0.7% on Tuesday, but has shot up 16.7% year to date. In comparison, Hudbay shares have rallied 17.9% this year while the S&P 500 has gained 8.7%.
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