Street Calls of the Week
Investing.com - H.C. Wainwright raised its price target on Integra Resources Corp. (NYSE:ITRG) to $4.75 from $3.25 on Friday, while maintaining a Buy rating on the stock. The mining company, currently trading at $2.96 with a market cap of $503 million, has delivered impressive returns with a 250% gain year-to-date. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value estimates.
The research firm cited the company’s gold production of 20,653 ounces during the quarter, which aligned with their forecasts. Production continues to benefit from ITRG’s Phase IIIa heap leach pad, along with residual ounces from the Phase I and II heap leach pads.
H.C. Wainwright noted that operations were supported by improved solution flow rates through the leach pads and a new carbon-in-column circuit commissioned in late 2024.
The firm emphasized that the acquisition of Florida Canyon has been successful, particularly as the mine was purchased when gold prices were significantly lower than current levels.
Integra’s financial position remains strong with approximately $81.2 million in cash and cash equivalents at the end of the quarter, according to the research note.
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