Bushveld Minerals shares jump as SP Angel maintains ‘buy’ rating and hikes target price
Date: Nov 14, 2018
Bushveld stands to benefit from an expected increase in vanadium prices as demand outstrips demand, according to SP Angel
Vanadium prices have surged 137% over the past year
Bushveld Minerals Limited PLC (LON:BMN) shares shot higher on Monday as SP Angel maintained a ‘buy’ rating on the vanadium miner and hiked its target price to 87p from 37p.
SP Angel noted that vanadium prices have jumped in China and Europe due to a shortage of available material.
READ: Bushveld Minerals pushes ahead with Vametco expansion as vanadium prices rise again
“We are struggling to see how the market may supply demand for vanadium in the next two years and we feel vanadium prices should settle at a higher price level than previously envisaged for the longer term,” the broker said.
