UPDATE: Credit Suisse Reinstates IAMGOLD (IAG) at Neutral
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- UPDATE: Oppenheimer Starts Paylocity Holding (PCTY) at Perform
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesCredit Suisse
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!