UPDATE: Credit Suisse Reinstates IAMGOLD (IAG) at Neutral
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(Updated - August 18, 2016 9:45 AM EDT)
Credit Suisse reinstated coverage on IAMGOLD (NYSE: IAG) with a Neutral rating and a price target of $5.25.
Analyst Anita Soni said, "Our model is updated to reflect IAG's equity financing, Q2 results and conditional decision to proceed with the Sadiola sulphide expansion. On our final modelling our NAV estimate increases by 5%, driven by Westwood (lower capex) and Sadiola (sulphide expansion). Our H2/16 and 2017 OpCFa declines by 20% to US$0.41/sh from $0.51 on a higher share count, lower production and higher costs. We raise our cash flow target multiple to 10x from 9x, to reflect more ounces modelled with the Sadiola expansion. Our NAV multiple is unchanged at 1.20x."
Shares of IAMGOLD closed at $4.80 yesterday.
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