Richmont Mines Got Some Good News

By Austin Angelo

Today, an analyst has provided a rating update for the Materials sector company, Richmont Mines (TSX: RIC). Ovais Habib, an analyst with Scotiabank, has upgraded their rating on RIC to Buy , with a C$12.50 price target.

According to TipRanks.com, Habib is a 4-star analyst with an average return of 14.7% and a 42.5% success rate. Habib covers the Basic Materials sector, focusing on stocks such as Primero Mining Corp, Pretium Resources, and Timmins Gold Corp.

Currently, the analyst consensus on Richmont Mines is Strong Buy and the average price target is C$14.15, representing a 40.0% upside.

In a report issued on May 4, TD Securities also reiterated a Buy rating on the stock with a C$15.50 price target.

Richmont Mines’ market cap is currently C$636.2M and has a P/E ratio of 70.1.

Richmont Mines, Inc. engages in the exploration, operation, financing and development of mineral properties. The company was founded on February 12, 1981 and is headquartered in Rouyn-Noranda, Canada.

The company’s shares closed last Thursday at $10.11.