Mr. MacArthur (Raymond James) also increased his Champion Iron Ltd. target to $8.75 from $7.50 with an “outperform” rating. The average is $8.“We believe Champion offers investors good exposure to premium iron ore through its Bloom Lake asset, which is a long-life, lower-cost asset producing, high-grade iron ore concentrate (66-per-cent iron) located in Quebec, Canada, a lower-risk jurisdiction,” he said. “In addition, we believe Champion has potential for growth through its Bloom Lake Phase 2 expansion project at favourable capital costs, given the previous owners spent significant capital. Given Champion’s exposure to premium iron ore (which we believe should trade at a premium given structural changes in the iron ore industry), high-quality asset, growth potential, and low jurisdictional risk, we rate the shares Outperform.”
CIA Price at posting:
$8.01 Sentiment: Buy Disclosure: Held
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