BofA Raises Hudbay Minerals Target to $32.50 After Q4 EPS Shortfall
BofA raised its price target on Hudbay Minerals to $32.50 from $27.50 after revised metal price forecasts, while Scotiabank cut its target to C$35.50 from C$37.00. Hudbay reported Q4 EPS of $0.22 vs $0.39 consensus alongside revenue of $732.9M vs $734.6M, as full-year revenue hit $2.2B with over $1B EBITDA.
1. Price Target Updates
On February 26, BofA raised its target on Hudbay Minerals to $32.50 from $27.50 citing revised 2026 metal price forecasts and maintained a Buy rating. Three days earlier, Scotiabank trimmed its target to C$35.50 from C$37.00 while keeping an Outperform rating.
2. Q4 Financial Results
Hudbay posted adjusted Q4 EPS of $0.22 versus $0.39 consensus and revenue of $732.9 million compared with $734.6 million expectations, resulting in an earnings shortfall but near-par top-line performance. The miss was driven by lower metal sales volumes partially offset by stable realized prices.
3. 2025 Performance Highlights
For the full year, Hudbay achieved record annual revenue of $2.2 billion and generated over $1 billion in adjusted EBITDA. The company produced more than $380 million in free cash flow, delivered record throughput in Manitoba, strong high-grade Pampacancha ore output in Peru, and completed its SAG mill feed system in British Columbia while meeting copper and gold guidance and beating cost targets.