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Raymond James Analyst: Copper Equities Are Inexpensive
Posted on July 10, 2008
The performance of equities in the copper producer universe have underperformed the underlying commodity during the past few weeks, says Raymond James analyst Tom Meyer, pointing out in a research note the overall Price/Net Asset Value multiple of .7x was lower Wednesday than it was on May 30, when it stood at 0.78. Over the same period, the average copper price increased to $3.50 pound from $3.41 per pound. The result, he says, is that, except for African Copper plc and Ivanhoe Mines Ltd. (IVN), almost all copper equities in his coverage universe are inexpensive. However, he highlights Quadra...
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