By Ketki Saxena
Investing.com -- Lundin Mining Co.'s (TSE:TSX:LUN) stock price reached a new 52-week high during trading on Wednesday, July 12, 2023. This milestone comes on the heels of several financial institutions raising their target prices for the mining company's shares over the past few months.
Morgan Stanley (NYSE:MS) was among the most recent institutions to up their estimates, lifting their price target on shares of Lundin Mining from C$10.60 to C$12.70 in a report released on Thursday, June 22nd. Similarly, Scotiabank (TSX:BNS) set a C$19.00 price target on Lundin Mining shares and rated them as "sector perform" in a research note published on Monday, June 26th.
Earlier in June, UBS Group raised its rating of Lundin Mining from "neutral" to "buy", simultaneously raising their target price for the stock from C$10.00 to C$12.00 in a report issued on Wednesday, June 14th. Shortly after, TD (TSX:TD) Securities upgraded Lundin Mining shares from a "hold" rating to a "buy" rating, increasing their price target for the stock from C$11.00 to C$11.50 in a research note disseminated on Friday, June 2nd.
In May, Stifel set a C$13.00 price target on Lundin Mining shares and gave them a "buy" rating in reports published on Friday, May 19th. The Royal Bank of Canada (TSX:RY) also raised their target price on Lundin Mining shares from C$11.00 to C$12.00 and gave the company a "sector perform" rating in a research report released on Friday, May 5th.
The series of upgrades began in April when National Bankshares boosted their target price on shares of Lundin Mining from C$8.75 to C$10.50 and rated the company as "sector perform" in a report issued on Tuesday, April 18th.