HudBay Minerals Inc (C:HBM) 
Shares Issued 172,028,376
Last Close 6/11/2013 $7.78
Wednesday June 12 2013 - In the News

The Globe and Mail reports in its Wednesday edition that UBS analyst Matt Murphy upgraded HudBay Minerals ($7.78) to "buy" from "neutral" after the company announced it is offering $150-million in new unsecured notes (all figures Canadian unless otherwise stated). The Globe's Darcy Keith and Sonali Verma write in the Eye On Equities that Mr. Murphy says: "This adds to the $500-million offering in September, 2012, and will go some way to bridge the financing gap to complete the build-out of Constancia, Lalor and Reed projects. ... Notwithstanding our falling copper price forecast and project delivery timing, HudBay offers strong net asset value accretion and EBITDA growth over the next two years with the ramp-up of Constancia, Lalor and Reed." But Dundee Securities analyst David Charles pointed out that HudBay is still likely to cut its semi-annual dividends by 50 per cent in 2013 and 2014 until the new projects come fully on stream. Mr. Murphy cut his price target to $10.50 (U.S.) from $11.50 (U.S.). Mr. Charles reiterated a "buy" rating and $13 (U.S.) target. The average target is $12 (U.S.). Mr. Charles maintained HudBay "buy, high risk" in the Eye column on Feb. 22. The shares were then worth $9.35.