Royal Nickel (TSE:RNX) was upgraded by stock analysts at Haywood Securities from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a C$0.40 target price on the stock, up from their previous target price of C$0.15. Haywood Securities’ price objective suggests a potential upside of 66.67% from the company’s previous close.

RNX opened at C$0.24 on Wednesday. Royal Nickel has a 12 month low of C$0.07 and a 12 month high of C$0.38.

Royal Nickel (TSE:RNX) last posted its quarterly earnings results on Wednesday, August 15th. The company reported C$0.02 EPS for the quarter. The business had revenue of C$10.27 million during the quarter. Royal Nickel had a negative return on equity of 58.08% and a negative net margin of 49.48%.

About Royal Nickel

RNC Minerals, a mineral resource company, engages in the acquisition, exploration, evaluation, and development of base and precious metal properties primarily in Canada. The company explores for nickel, copper, cobalt, gold, and precious metal deposits. Its principal properties are the Beta Hunt mine located in Kambalda, Western Australia; and the Dumont Nickel-Cobalt project with 233 contiguous mineral claims covering an area of 9,306.5 hectares located in the Abitibi mining camp, Quebec, as well as the Reed mine located in the Flin Flon, Manitoba.

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