<WIRE> 29Metals (ASX:29M) Financial Risk Reduces Following Equity Raise, States Macquarie

According to Macquarie, 29Metals' (ASX:29M) financial risk has lessened following its equity raise.

The share price of the Australian metals company has plummeted to all-time lows since its IPO in July 2021, but the balance sheet risk has seen an improvement following the equity raise.

The brokerage has set a price target of A$0.80 for the precious metals miner, ranking it at ‘outperform’.

With the equity raise of A$151 million, Macquarie reported that 29Metals is well positioned to continue their Capricorn recovery plan with a significant upside at spot prices.

Further, the equity raise is said to largely drive 46% to 52% EPS upgrades in CY23-CY24.

The company’s stock is currently up by 6.1% at A$0.6525.

Among ten analysts, three rate the stock ‘buy’ or higher, five suggest ‘hold’ and two advise ‘sell’ or lower with their median price target at A$0.79.

As of the last close, the 29Metals' stock was down 67% YTD.

29Metals (ASX:29M) is a precious metals miner.

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