JPMorgan Chase & Co. Issues Positive Forecast for Nexa Resources (NYSE:NEXA) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target on Nexa Resources from $7.50 to $15.50, while keeping a neutral rating. The new target implies about 19% upside from the current share price.
• Overall analyst sentiment remains cautious: six analysts rate the stock Hold and one rates it Sell, with a consensus recommendation of “Reduce” and an average target price of $14.60.
• Nexa Resources shares were down 1.7% to $13.00 in Friday trading. The company recently matched earnings expectations, reporting $0.67 EPS and revenue of $888.32 million for the quarter.

Nexa Resources (NYSE:NEXA - Get Free Report) had its price objective increased by JPMorgan Chase & Co. from $7.50 to $15.50 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 19.23% from the company's current price.

A number of other analysts have also weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexa Resources in a report on Monday. Bank of America increased their price objective on Nexa Resources from $12.00 to $14.00 and gave the stock an "underperform" rating in a report on Thursday, July 9th. Citigroup upped their target price on Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Scotiabank boosted their price objective on shares of Nexa Resources from $14.50 to $15.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley raised their target price on shares of Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a research report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Nexa Resources has an average rating of "Reduce" and a consensus target price of $14.60.

Nexa Resources Trading Down 1.7%

NEXA stock traded down $0.22 during midday trading on Friday, hitting $13.00. The company had a trading volume of 193,989 shares, compared to its average volume of 964,170. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 0.15 and a beta of 0.94. Nexa Resources has a 52 week low of $4.61 and a 52 week high of $16.89. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 1.13. The stock's 50 day moving average price is $13.69 and its 200 day moving average price is $12.77.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. The company had revenue of $888.32 million for the quarter, compared to the consensus estimate of $885.90 million. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. As a group, equities research analysts expect that Nexa Resources will post 2.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nexa Resources

Several institutional investors and hedge funds have recently made changes to their positions in NEXA. Financial Management Professionals Inc. bought a new stake in shares of Nexa Resources in the second quarter worth approximately $28,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Nexa Resources in the fourth quarter worth approximately $36,000. Nano Cap New Millennium Growth Fund L P bought a new stake in Nexa Resources in the 4th quarter worth approximately $44,000. Royal Bank of Canada raised its stake in Nexa Resources by 173.8% during the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock valued at $47,000 after buying an additional 2,784 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Nexa Resources during the 4th quarter valued at $83,000.

Nexa Resources Company Profile

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.

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