The brokerage now has a "market perform" rating on the basic materials company's stock.
A number of other equities analysts also recently issued reports on the stock.
Separately, Scotiabank reissued an "outperform" rating and set a C$5.00 price target on shares of Nevsun Resources in a research report on Tuesday, April 17th. TD Securities increased their price objective on shares of Nevsun Resources from C$4.25 to C$4.50 and gave the company a "buy" rating in a research note on Friday, April 27th.
Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) had its price objective boosted by investment analysts at Eight Capital from C$4.25 to C$4.75 in a report released on Thursday, April 19th. The company has an average rating of "Hold" and an average price target of C$4.25.
Shares of Nevsun Resources traded down C$0.04, reaching C$4.43, during trading hours on Monday, according to MarketBeat. 853,900 shares of the stock were exchanged, compared to its average volume of 866,814.
Meanwhile, Nevsun Resources Ltd is the 100% owner of the high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia.
Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) last announced its quarterly earnings results on Thursday, April 26th. The firm had revenue of C$134.94 million for the quarter. Nevsun Resources had a negative net margin of 43.87% and a negative return on equity of 18.80%.
The Timok Upper Zone is one of the best undeveloped copper projects globally. The initial resource will be released in mid-2018 and is expected to demonstrate the potential addition of a world scale copper-gold porphyry to Nevsun's Serbian portfolio of assets.