Analysts believe the sell-off in IGO shares - from $4.68 to $4.04 over the course of October - has been overdone, with a strong quarterly reaffirming that view.
In upgrading IGO from sector perform to outperform, RBC Capital Markets analyst Paul Hissey said improvements in production through the 2019 financial year should drive a re-rating of the stock.
He said while the entire resources sector was down, continued concerns about the performance of IGO's Nova nickel-copper mine had further weighed on the stock.
"While the quarter represents a slight retracement of production from Nova in 4Q18, we believe this should set the bar going forward into FY19," ...
