H.C. Wainwright Reaffirms Their Buy Rating on Largo Resources (LGO)

By Austin Angelo

Largo Resources (LGOResearch Report), the Materials sector company, was revisited by a Wall Street analyst today. Analyst Heiko Ihle from H.C. Wainwright reiterated a Buy rating, with a C$5.30 price target.

Ihle observed:

“We maintain our Buy rating and raise our PT to C$5.30 from C$5.20 per share. We note that we have actually raised our PT amid a 29% decline in Largo’s share price since our last report, which we published on March 28, 2019.”

According to TipRanks.com, Ihle is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.8% and a 36.4% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.

Currently, the analyst consensus on Largo Resources is a Hold with an average price target of C$3.65.

Based on Largo Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of C$108 million. In comparison, last year the company had a net profit of C$45.84 million.

Largo Resources Ltd. engages in the exploration and development of vanadium and tungsten projects in Brazil and Canada. It holds interest in the maracás vanadium, currais novos tungsten tailings and campo alegre de lourdes iron-vanadium projects; and in northern dancer tungsten-molybdenum property located in the Yukon Territory.

The company’s shares closed on Thursday at C$1.66, close to its 52-week low of C$1.44.