Champion Iron (TSE:CIA) Stock Gets Price Target Trim from Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Champion Iron’s price target from C$5.50 to C$3.75 while maintaining a “buy” rating, implying nearly 99.5% upside from the prior close.
• Several other analysts also reduced their targets, ranging from C$3.00 to C$5.00. Despite the cuts, Champion Iron holds a consensus “Moderate Buy” rating with an average target of C$4.46.
• Shares closed at C$1.88, near the 52-week low of C$1.81 and well below their 50-day and 200-day moving averages of C$2.99 and C$4.23, respectively.

Champion Iron (TSE:CIA - Get Free Report) had its price target dropped by equities research analysts at Canaccord Genuity Group from C$5.50 to C$3.75 in a research report issued to clients and investors on Friday, BayStreet reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 99.47% from the stock's previous close.

Several other research analysts have also commented on the company. Scotia cut their price target on Champion Iron from C$4.00 to C$3.50 and set a "sector perform" rating on the stock in a research report on Friday. TD cut their target price on shares of Champion Iron from C$4.00 to C$3.50 and set a "buy" rating on the stock in a report on Friday. National Bank Financial reduced their price target on shares of Champion Iron from C$4.00 to C$3.00 and set an "outperform" rating for the company in a research report on Friday. Finally, Raymond James Financial decreased their price target on shares of Champion Iron from C$5.50 to C$5.00 and set an "outperform" rating for the company in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of C$4.46.

Champion Iron Stock Performance

Shares of Champion Iron stock traded up C$0.01 on Friday, hitting C$1.88. The stock had a trading volume of 890,744 shares, compared to its average volume of 483,994. Champion Iron has a 52-week low of C$1.81 and a 52-week high of C$6.14. The company has a current ratio of 1.60, a quick ratio of 2.01 and a debt-to-equity ratio of 92.23. The stock has a market cap of C$1.05 billion, a price-to-earnings ratio of 9.40, a P/E/G ratio of -1.35 and a beta of 0.53. The company's 50 day moving average price is C$2.99 and its 200 day moving average price is C$4.23.

Champion Iron Company Profile

Champion is a high-purity iron ore producer with operations in Canada and Norway. Through Quebec Iron Ore Inc, Champion owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M wmt per year that produce low contaminant high-purity iron ore concentrates with a proven ability to produce direct reduction grade quality iron ore concentrate.

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