Morgan Stanley Upgrades Nexa Resources (NYSE:NEXA) to Equal Weight

Nexa Resources (NYSE:NEXA) was upgraded by Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has a $7.80 target price on the stock, up from their previous target price of $7.50. Morgan Stanley’s price target would suggest a potential downside of 3.64% from the stock’s previous close.

Separately, Scotiabank reduced their price target on shares of Nexa Resources from $6.00 to $5.75 and set a “sector underperform” rating for the company in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Nexa Resources presently has a consensus rating of “Hold” and a consensus price target of $7.31.

Nexa Resources Stock Down 2.8 %

Shares of NYSE NEXA opened at $8.10 on Thursday. The firm’s 50-day simple moving average is $7.76 and its 200 day simple moving average is $7.35. Nexa Resources has a fifty-two week low of $5.10 and a fifty-two week high of $8.63. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.76 and a current ratio of 1.13.

Institutional Investors Weigh In On Nexa Resources

An institutional investor recently raised its position in Nexa Resources stock. Renaissance Technologies LLC lifted its stake in Nexa Resources S.A. (NYSE:NEXA) by 3.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 341,792 shares of the company’s stock after purchasing an additional 12,092 shares during the quarter. Renaissance Technologies LLC owned 0.26% of Nexa Resources worth $2,611,000 as of its most recent filing with the Securities & Exchange Commission.

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.