In a report published Thursday, Morgan Stanley analyst Carlos De Alba reiterated an Overweight rating on Compania de Minas Buenaventura SAA BVN, but removed the $15.30 price target.
In the report, Morgan Stanley noted, “Adjusted EBITDA (direct-operations) of US$50M, down 16% Q/Q and 49% Y/Y, came in significantly below our US$96M estimate. Lower revenues and higher-than-expected SG&A and exploration expenses drove the miss relative to our model. Normalized EPS of -US$0.06 were materially below our estimate of US$0.22 and the consensus of US$0.24.”
Compania de Minas Buenaventura SAA closed on Wednesday at $13.00.
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