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On Wednesday, H.C. Wainwright adjusted its outlook on Nouveau Monde Graphite Inc. (NYSE:NMG), lowering the price target to $3.00 from the previous $3.25, while continuing to endorse the stock with a Buy rating. This revision follows the company's recent update on its ongoing projects and future plans.
Nouveau Monde Graphite announced on August 15 that it is progressing towards a Final Investment Decision (FID) concerning Phase 2 of its Matawinie Mine and Bécancour Battery Material Plant.
The company is also preparing for the Phase 3 expansion of its Uatnan Mining Project and associated processing facilities. As part of the pre-construction phase, Nouveau Monde Graphite is finalizing engineering plans, construction sequencing, and health and safety programs.
The company is concurrently updating its cost projections for an integrated feasibility study, anticipated to bolster project financing and the FID. Nouveau Monde Graphite is actively seeking new capital and aims to optimize capital expenditure eligibility under Canada's investment tax credit for clean technology manufacturing.
At the Bécancour site, progress is visible with tree clearing and road construction underway. Furthermore, Nouveau Monde Graphite's strategic partnership with Caterpillar Inc (NYSE:CAT). is focused on developing zero-emission equipment, which aligns with the electrification objectives for the Matawinie Mine.
In light of these developments, H.C. Wainwright reaffirms its Buy rating on Nouveau Monde Graphite's stock. The firm acknowledges the company's advancements and strategic moves, despite the slight decrease in the price target to $3.00.
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