Sherritt is now a hold

Article Excerpt

SHERRITT INTERNATIONAL $0.38 (Toronto symbol S; TSINetwork Rating: Speculative) (1-800-704-6698; www.sherritt.com; Shares outstanding: 397.3 million; Market cap: $154.9 million; No dividends) is now focused on nickel/cobalt production as well as oil, with operations mostly in Cuba. The company’s long-term outlook is positive. But in the near term, it needs to boost oil output by starting production at its Block 10 property in Cuba. That work should be finished later this year. Longer term, demand for cobalt should continue to rise as auto manufacturers ramp up their production and deliveries of electric vehicles (EVs). However, the global output of cobalt will likely remain in oversupply at least through 2023. The short-term outlook for nickel prices is also uncertain. Sherritt is now a hold. hold…

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