Scotiabank Thinks Lucara Diamond’s Stock is Going to Recover

By Ryan Adsit

Lucara Diamond (LUCResearch Report) has received a rating update from a Wall Street analyst on May 14. The company received a Buy on May 14 from Scotiabank’s analyst Scott MacDonald CFA, with a C$2.25 price target.

Lucara Diamond has an analyst consensus of Moderate Buy, with a price target consensus of C$1.83.

Based on Lucara Diamond’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$9.86 million. In comparison, last year the company had a GAAP net loss of C$8.8 million.

Lucara Diamond Corp. engages in the production and exploration of diamond properties. Its projects include Karowe Mine and Exploration Work Orapa Kimberlite Field. The company was founded on July 31, 1981 and is headquartered in Vancouver, Canada.

The company’s shares closed on Wednesday at C$1.53, close to its 52-week low of C$1.38.