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Opinions Matt Kacur
Hudbay MineralsHBM.TOTOP PICKJul 24, 2017
Stock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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Prefers TECK.B. He's attracted to copper in the longer term. In the very near term, the commodity will be weighted by overall economic conditions. TECK.B is more a restructuring play than a copper play right now; well run, wide range of assets; world-class coal assets are undervalued; cashflow is more stable.
Mining higher-grade ore. Increased demand for metals like copper and zinc makes the stock inexpensive here, well below book value. New mines are costly to build. Not a dividend stock, but good prospect of capital appreciation. Sees upside potential to $10-12 over the next few years.
Michael SprungHe was buying at the bottom. Around $4 is an okay time to start accumulating shares, based on the chart. He expects rotation as oil stocks probably pull back (he take profits) and minerals might find a bid.
Keith Richards
He likes commodities and is trading this. Anything copper and mining are good to enter now. He expects this to return to previous highs in its range.
(Analysts’ price target is $9.84)Keith RichardsCheap, with good upside potential. About 30% discount to book value. With EVs and the demand for alternate forms of power, electricity comes into its own. You need to have a way of moving it around, and that's copper. The copper market is a mess, with demand picking up and supply under pressure. Yield is 0.32%.
(Analysts’ price target is $10.22)
Ross Healy
Still hoping for a boom in copper prices as China reopens and from EV demand. They bought Copper Mountain, and have gained permits via Copper World. Two potential tailwinds. HBM can't remain this cheap and must rise.
Michael SprungAcquiring Copper Mountain, which has a very different risk profile and more leverage. HBM's future is predicated on previous acquisition in Arizona that's been mired in bureaucracy. He's always concerned when development NAV is a high percentage of overall value. Risk of execution becomes more acute. He prefers TECK.B or FM, which are at the stage of reaping rewards of free cashflow.
Copper and Zinc with byproducts of Gold and Silver He is impressed that they were not doing well two years ago with return on capital of less than 1% and they have improved that to 5% already. If they can maintain where they are then great, but it looks like they are going to get better. Their costs are down to $0.88 on copper, which is over $2. They operate in friendly jurisdictions. (Analysts’ target: $11.00).