Hudbay Minerals

HBM · TORONTO

$21.98+$0.09 (+0.41%)TodayMarket closed · Oct 23, 7:52 PM ET

Prev close $21.89

HBM analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 21 analysts

Average $33.14 (+50.8% upside)

Low: $28.75
Now: $21.98
High: $39.60

Upgrades and downgrades

The latest rating actions, newest first

HBM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Jul 16, 2026	Maintains	Overweight	$30.00 → $32.00	59%
B of A Securities	Jul 9, 2026	Maintains	Buy	$33.50 → $29.50	61%
Barclays	May 22, 2026	Initiates	Overweight	$30.00	59%
Citigroup	Feb 11, 2026	Maintains	Buy	$23.00 → $32.50	61%
Citigroup	Dec 15, 2025	Initiates	Buy	$23.00	100%

The case for and against

Updated Oct 21, 2026

Bull case

Hudbay Minerals is viewed positively because its core mines continue to generate steady cash flow and support a clean balance sheet, with $1.00B in cash and short-term investments, only $61M of net debt, and $1.4B of total liquidity after Copper World JV proceeds. The outlook is reinforced by a stronger North American growth pipeline after the $1.48B ASCU acquisition, which adds the Cactus project and helps create synergies with Copper World, while the company’s 2027-2028 copper guidance of 140-184kt and 139-173kt came in above expectations. Further support comes from improved Manitoba reserves, positive 2026E-2028E free cash flow, and a valuation that appears attractive versus peers, with 2026E-28E EV/EBITDA multiples of 6.9x, 5.7x, and 6.0x.

Bear case

Hudbay Minerals is viewed cautiously because even with materially higher copper price assumptions, the upside from a stronger commodity deck is partly offset by higher life-of-mine operating expenses and sustaining capital needs. The company’s fundamentals remain exposed to execution risk across its growth projects and to consistent performance at its operating mines, including Peru, Manitoba, British Columbia, and Arizona. As a copper-focused miner with revenue and cost sensitivity to world economic growth, commodity prices, currency movements, energy prices, and environmental factors, its earnings outlook remains vulnerable despite improved 2026E-2030 copper forecasts.

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