Canaccord Genuity analyst Dalton Baretto downgraded Hudbay Minerals to Hold from Buy while raising his price target for the shares to C$9.00 from C$8.50. The company reported "very good" results for a second consecutive quarter, but its capital expenditure guidance excluding Rosemont came in well above forecasts, Baretto tells investors in an intraday research note. As a result, the analyst's 2020 EBITDA and overall net asset value estimates declined by 4%. He cites the recent rally in the shares and limited upside to his new price target as the reasons for the downgrade.