SANDFIRE RESOURCES LTD (SFR.AU) experienced a significant price increase, soaring 5.26% during intraday trading on Wednesday.
The surge appears to be driven by a positive analyst action, as Jefferies upgraded Sandfire Resources to "buy" from "hold." The firm cited the company's Kalkaroo copper-gold project in South Australia as a material growth opportunity, raising its price target by 5.6% to A$19.00 per share.
Jefferies' analysis highlights the potential of the Kalkaroo project, envisioning a future mine capable of producing between 74,000 and 90,000 tons of copper equivalent annually by 2031. The firm currently values the Kalkaroo project at approximately A$618 million, contributing to the renewed bullish sentiment around the stock.