Barclays Initiates Coverage of Hudbay Minerals (HBM) with an Overweight Rating

Hudbay Minerals Inc. (NYSE:HBM) is one of the 8 Best Natural Resources Stocks to Buy Now.

On May 21, 2026, Barclays analyst Richard Garchitorena initiated coverage of Hudbay Minerals Inc. (NYSE:HBM) with an Overweight rating and a $30 price target. Garchitorena said investments in “transformative” technologies and higher trade barriers are driving renewed growth across metals and mining. Barclays cited copper, rare earths, and uranium as key beneficiaries of this backdrop, while expecting copper demand to outpace supply through the end of the decade and steel prices to continue moving higher in 2026. The firm was also positive on gold prices and gold equities and expects “significant demand growth” for rare earth magnets.

Barclays Initiates Coverage of Hudbay Minerals (HBM) with an Overweight Rating

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Earlier in May, Hudbay Minerals Inc. (NYSE:HBM) reported Q1 adjusted EPS of 40c, ahead of the consensus estimate of 34c. Revenue totaled $757.3M, above the consensus estimate of $687.05M. The company reported consolidated copper and gold production of 27,929 tons and 61,700 ounces, respectively. CEO Peter Kukielski said Hudbay delivered record revenue, record adjusted EBITDA, and record adjusted earnings, driven by steady operations, expanded margins from copper and gold exposure, and cost control.

Hudbay Minerals Inc. (NYSE:HBM) reaffirmed its 2026 production guidance. The company still expects 110K-138K tons of copper production and 217K-272K ounces of gold production for 2026.

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company focused on the exploration, development, operation, and optimization of properties in North and South America.

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