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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

RBC Capital Markets hikes target price on Ecora Resources

(Sharecast News) - RBC Capital Markets raised its target price on royalty and streaming company Ecora Resources from 100.0p to 120.0p on Thursday following the group's results call a day earlier. The Canadian bank removed $83.0m in investments from its 2024/25 forecasts to reflect management comments on the results call regarding Ecor's Incoa project and the unlikely near-term execution of the Piaui option given current market conditions.

"This reduces our net debt and acquisition costs," said RBC. "We continue to see ECOR as a compelling investment opportunity and expect a re-rating to occur as coal exposure fades and development projects are commissioned."

Reporting by Iain Gilbert at Sharecast.com

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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