Scotiabank Cuts Labrador Iron Ore Royalty (TSE:LIF) Price Target to C$50.00

Labrador Iron Ore Royalty (TSE:LIF) had its price objective dropped by stock analysts at Scotiabank from C$55.00 to C$50.00 in a note issued to investors on Friday, BayStreet.CA reports. Scotiabank’s price target suggests a potential upside of 26.29% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on LIF. Raymond James lifted their price target on shares of Labrador Iron Ore Royalty from C$45.00 to C$49.00 and gave the company a “market perform” rating in a research report on Friday, August 6th. BMO Capital Markets raised their price objective on shares of Labrador Iron Ore Royalty from C$40.00 to C$42.50 and gave the company a “na” rating in a research note on Wednesday, June 30th. TD Securities raised their price objective on shares of Labrador Iron Ore Royalty from C$48.00 to C$51.00 and gave the company a “na” rating in a research note on Tuesday, June 29th. Finally, Royal Bank of Canada raised their price objective on shares of Labrador Iron Ore Royalty from C$42.00 to C$50.00 and gave the company a “na” rating in a research note on Tuesday, July 13th. One research analyst has rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$48.33.

Shares of LIF opened at C$39.59 on Friday. Labrador Iron Ore Royalty has a 1-year low of C$23.47 and a 1-year high of C$50.45. The stock has a market cap of C$2.53 billion and a PE ratio of 7.70. The firm has a 50-day simple moving average of C$45.66 and a two-hundred day simple moving average of C$43.54.

Labrador Iron Ore Royalty Company Profile

Labrador Iron Ore Royalty Corporation, through its subsidiary, Hollinger-Hanna Limited, holds a 15.10% equity interest in Iron Ore Company of Canada (IOC) that produces and processes an iron ores at Labrador City, Newfoundland and Labrador. IOC produces seaborne iron ore pellets; and sells standard and low silica acid, flux, and direct reduction pellets, as well as iron ore concentrate.

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