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Wall Street’s Take on Gold Miners before the 3Q17 Earnings

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Part 5
Wall Street’s Take on Gold Miners before the 3Q17 Earnings PART 5 OF 11

What’s Driving the Analyst Rating Changes for Intermediate Gold Miners?

Ratings for intermediate gold miners

On July 24, 2017, National Bank Financial upgraded Agnico Eagle Mines (AEM) from “sector perform” to an “outperform” rating. Most recently, on September 29, 2017, Canaccord Genuity raised Agnico’s target price from 73 Canadian dollars to 76 Canadian dollars.

What&#8217;s Driving the Analyst Rating Changes for Intermediate Gold Miners?

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In August, TD Securities had increased AEM’s target price to 65 Canadian dollars while reaffirming its “hold” rating. But National Bank Financial reduced Yamana Gold’s (AUY) target price from 5.75 Canadian dollars to 5.25 Canadian dollars on August 3, 2017.

AUY’s last recommendation change came in February 2017, when Bank of America downgraded the stock from “neutral” to “underperform.” The firm also lowered its target price for AUY from $5.15 to $2.80. The firm expected a decline in the company’s free cash flow as well as a decline in its El Penon mine’s gold production.

Iamgold’s rating changes

On September 29, 2017, Canaccord Genuity downgraded Iamgold (IAG) from “buy” to “hold.” The firm also reduced its target price from 10.0 Canadian dollars to 9.5 Canadian dollars. On September 7, 2017, TD Securities increased IAG’s target price from $9.0 to $11.0, reiterating its “buy” rating.

CIBC upgraded the stock to “outperform” on September 6, 2017, after the company reported its latest significant gold discovery. The firm had been “neutral” on IAG stock since December 2016. CIBC also raised IAG’s target price from $6.5 to $8.5.

On September 6, 2017, BMO Capital Markets reaffirmed its “outperform” rating for IAG stock. BMO now has a target price of 7.5 Canadian dollars on the stock. The firm had upgraded IAG’s stock from “market perform” to “outperform” on August 23, 2017. The upgrade was in anticipation of higher grades for Saramacca’s resources and a larger-than-expected initial estimate.

Rating changes for Eldorado

Credit Suisse (CS) upgraded Eldorado Gold (EGO) from “underperform” to “neutral’ on September 25, 2017. CS’s analyst Anita Soni believes that the company’s perceived higher political risk is reflected in its 15% underperformance since July 15, 2017.

On June 29, 2017, the firm had downgraded the stock, citing issues at EGO’s Kisladag mine in 2017 as well as uncertainty surrounding its Greece assets.

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