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On Friday, Berenberg adjusted the price target for Central Asia Metals Plc (CAML:LN) shares, a mining company operating in Kazakhstan and North Macedonia. The new price target is set to GBP2.30, a reduction from the previous GBP2.40, while the firm continues to recommend a Buy rating on the stock.
The revision follows the company's second-quarter production results for 2024, which showed a slight underperformance compared to Berenberg's forecasts. Central Asia Metals reported that its Kounrad operation in Kazakhstan produced 3.5 kilotons of copper, which matched the analyst's expectations.
However, the Sasa mine in North Macedonia fell short of the anticipated figures, with 182 kilotons of ore mined and 184 kilotons processed, against the forecasted 200 kilotons for both metrics.
The discrepancy at the Sasa mine was attributed to the need for more extensive void filling than originally planned. This is a result of the implementation of a new cut-and-fill mining method at the site. Despite this, Central Asia Metals has indicated that it anticipates an improvement in the amount of ore mined at Sasa during the second half of the year.
Nevertheless, the company has signaled that the total production for the year is expected to be at the lower end of their previously issued guidance. This update provides investors with a more conservative outlook on the company's production capabilities for the remainder of the year.
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