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

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

Understanding the Latest Upgrades and Downgrades for Senior Gold Miners

Recent analyst changes

Along with analyst ratings, it’s important to look at the recent changes to recommendations and target prices, which provide insight into the latest changes in the market sentiment for a stock.

Understanding the Latest Upgrades and Downgrades for Senior Gold Miners

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Barrick Gold’s (ABX) most recent rating change came on July 6, 2017, from BMO Capital Markets. The firm downgraded the stock to “market perform” from “outperform.” ABX’s subsidiary, Acacia, and its pending conflict with the Tanzanian government were cited as the main reason for the downgrade. BMO also reduced its target price for ABX’s from $21 to $18.

On September 29, 2017, Canaccord Genuity lowered ABX’s target price from 30.0 Canadian dollars to 27.5 Canadian dollars.

Argus upgrades Newmont

Argus upgraded Newmont Mining’s (NEM) stock from “hold” to “buy” on July 27, 2017. The firm has a target price of $43 on the stock. The firm believes that the stock’s current valuation is attractive and that the company should benefit from the positive fundamentals of the gold industry.

Changes for other senior gold miners

Citigroup (C) upgraded Kinross Gold (KGC) to “hold” from “buy” on September 4, 2017. The firm also lifted stock’s target price to $4.75 from $3.25. Citi believes that gold prices will remain supported in the range of $1,260-$1,360 per ounce, with an upward bias. Its analysts were also of the view that weaker inflation could defer the Fed’s rate hike pace. To reflect these factors, Citi upgraded Kinross.

Canaccord Genuity upgraded Goldcorp (GG) from “hold” to “buy” on September 29, 2017. The firm also raised its target price from $19.5 to $21.0. The firm expects an upward potential for the stock as its free cash flow is expected to rise rapidly in 2019.

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