New Pacific Metals (US:NEWP) ZACKSยท2024-06-26 17:06Core Viewpoint - New Pacific Metals Corp. (NEWP) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook driven by an upward trend in earnings estimates [1][8]. Earnings Estimate Revisions - Analysts have raised their earnings estimates for New Pacific Metals, with the Zacks Consensus Estimate increasing by 14.3% over the past three months [5]. - The company is expected to earn -$0.03 per share for the fiscal year ending June 2024, reflecting a 40% change from the previous year's reported number [11]. Zacks Rating System - The Zacks Rank system classifies stocks based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks averaging a +25% annual return since 1988 [4]. - The Zacks rating system maintains a balanced distribution of 'buy' and 'sell' ratings, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revisions [6][14]. Market Implications - The upgrade to Zacks Rank 2 suggests that New Pacific Metals is positioned for potential stock price increases due to positive earnings outlook and buying pressure [8][14]. - Empirical research supports a strong correlation between earnings estimate revisions and near-term stock movements, highlighting the importance of tracking these revisions for investment decisions [10].