Nexa Resources SA

NEXA · NYSE

$11.48+$0.32 (+2.87%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $11.16

NEXA analyst rating

HoldConsensus of 6 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold5
Underperform1
Sell0

12-month price target · 8 analysts

Average $14.65 (+27.6% upside)

Low: $13.13
Now: $11.48
High: $16.80

Upgrades and downgrades

The latest rating actions, newest first

NEXA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Scotiabank	Aug 28, 2026	Maintains	Sector Perform	$14.00 → $15.00	49%
Scotiabank	Aug 7, 2026	Maintains	Sector Perform	$15.00 → $14.00	49%
JP Morgan	Jul 24, 2026	Maintains	Neutral	$7.50 → $15.50	37%
B of A Securities	Jul 9, 2026	Maintains	Underperform	$12.00 → $14.00	61%
Morgan Stanley	Jul 8, 2026	Maintains	Equal-Weight	$11.50 → $12.50	53%
Scotiabank	Jul 7, 2026	Maintains	Sector Perform	$14.50 → $15.00	49%
Scotiabank	Jun 15, 2026	Maintains	Sector Perform	$14.00 → $14.50	49%
Citigroup	Jun 3, 2026	Maintains	Neutral	$12.50 → $16.00	33%
Citigroup	Apr 14, 2026	Maintains	Neutral	$11.00 → $12.50	33%
Citigroup	Mar 26, 2026	Maintains	Neutral	$13.00 → $11.00	33%

The case for and against

Updated Jan 26, 2026

Bull case

Nexa Resources SA has demonstrated significant operational improvements, particularly at the Aripuanã zinc mine, which has lifted a long-standing overhang in its performance. The company reported a notable reduction in net debt to trailing twelve months EBITDA ratio at 2.2x, indicating enhanced financial stability, alongside forecasts predicting increasing free cash flows from $8 million in 2025 to $248 million in 2027. Furthermore, the smelting segment remains a key revenue driver, with cash costs reported at just $0.11/lb, showcasing effective cost management and operational efficiency.

Bear case

Nexa Resources SA's financial position is under pressure, as indicated by the worsening net debt to trailing twelve months (T12) EBITDA ratio, which has deteriorated to 2.3x. Additionally, the company's adjusted earnings per share (EPS) loss of ($0.03) significantly underperformed both internal estimates and market consensus, highlighting operational inefficiencies. Furthermore, the revised EBITDA estimates for 2025 through 2027 show a downward adjustment, averaging a 4% annual decrease, compounded by a challenging forecast for zinc prices and concerns regarding debt leverage and free cash flow.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.