RBC Capital Downgrades Stornoway Diamond to Sell

By Carrie Williams

Stornoway Diamond (TSX: SWY), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Richard Hatch from RBC Capital rated Stornoway Diamond (TSX: SWY) a Sell, setting a C$0.60 price target.

According to TipRanks.com, Hatch is a 3-star analyst with an average return of 23.9% and a 10.0% success rate. Hatch covers the Basic Materials sector, focusing on stocks such as Randgold Resources Limited, Stillwater Mining Company, and Anglogold Ashanti Ltd.

Stornoway Diamond has an analyst consensus of Hold, with a price target consensus of C$0.90.

The company has a one-year high of C$1.33 and a one-year low of C$0.69. Currently, Stornoway Diamond has an average volume of 226.6K.

Stornoway Diamond Corp. is a diamond exploration and development company, which engages in the acquisition, exploration and development of diamond projects. It holds interest in Renard Diamond, Qilalugaq, Timiskaming, Aviat, Hammer,Grassroots and Pikoo projects. The company was founded by Donald Bruce McLeod, Eira A. Thomas, and Catherine E.

The company’s shares closed on Friday at C$0.75, close to its 52-week low of C$0.69.