There’s a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Allkem Limited (OROCF – Research Report) and Westgold Resources Ltd (WTGRF – Research Report) with bullish sentiments.
Allkem Limited (OROCF)
In a report issued on February 27, Ben Lyons from Jarden maintained a Buy rating on Allkem Limited, with a price target of A$16.67. The company’s shares closed last Wednesday at $7.99.
According to TipRanks.com, Lyons is ranked #5014 out of 8363 analysts.
Currently, the analyst consensus on Allkem Limited is a Moderate Buy with an average price target of $10.81, a 36.7% upside from current levels. In a report issued on February 17, UBS also maintained a Buy rating on the stock with a A$19.10 price target.
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Westgold Resources Ltd (WTGRF)
In a report issued on February 27, Tim McCormack from Canaccord Genuity maintained a Buy rating on Westgold Resources Ltd, with a price target of A$1.75. The company’s shares closed last Wednesday at $0.65, close to its 52-week low of $0.44.
According to TipRanks.com, McCormack is a 2-star analyst with an average return of 1.1% and a 39.3% success rate. McCormack covers the Basic Materials sector, focusing on stocks such as Silver Lake Resources Limited, Northern Star Resources Ltd, and Ramelius Resources Limited.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Westgold Resources Ltd with a $0.97 average price target, which is a 50.2% upside from current levels. In a report issued on February 27, Macquarie also upgraded the stock to Buy with a A$1.20 price target.
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