Berenberg Starts Randgold Resources Ltd. (GOLD) at Hold
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Berenberg initiates coverage on Randgold Resources Ltd. (NASDAQ: GOLD) with a Hold rating and GBp 7,190 PT.
Analyst Yuriy Vlasov commented, "We initiate coverage of Randgold Resources (Randgold) with a Hold recommendation and a 12-month price target of GBp7,190/share: Randgold is an Africa-based gold mining company with operational assets in Mali, DRC and Côte d’Ivoire. It produced 1.2moz of gold in 2015. The company holds 15.0moz of 2P reserves with an attractive grade of 3.6g/t. We highlight management’s prudent approach to capital allocation (it uses a $1,000/oz gold price for project evaluation) and successful track record of operations. However, Randgold’s rich valuation (2016-17 EV/EBITDA of 15.9-14.8x) is the main reason we initiate coverage with a Hold rating."
He added, "Operating in the heart of Africa, Randgold has established itself as a sizable gold producer, equipped with local expertise and knowledge. The company has a proven track record of discovering large high-grade deposits in Africa and turning them into effective operations. Randgold is known for its prudent approach to project evaluation, using a long-term gold price of $1,000/oz. This approach is shaped by its strategy."
Shares of Randgold Resources Ltd. closed at $104.20 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Seaport Global Securities Starts Owens Corning (OC) at Buy
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
- UPDATE: Seaport Global Securities Starts Beacon Roofing Supply (BECN) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!