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Cramer Says Gold is Back, Buy Yamana (AUY)
More News related to AUY
- Notable Analyst Rating Changes 8/20: GG, AUY, ESI Upgraded; M, KSS, NVTL Downgraded
- RBC Upgrades Yamana (AUY) to Outperform
- RBC Capital Upgrades Yamana Gold Inc. (AUY) to Outperform
- CIBC Lowers Price Target on Yamana (AUY) to $20
- Yamana Gold Declares August and September 2008 Dividend
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On today's Stop Trading!, Jim Cramer made a startling prediction: "Gold is back!". Cramer said his evidence for making this claim was in gold stocks, which are moving higher, signaling that the commodity could soon rally.
In order to play the rising price of gold, Cramer suggested investors buy shares of Yamana Gold (NYSE: AUY), which Cramer owns for his charitable trust, Action Alerts PLUS. The President of Cramerica has been behind Yamana for quite some time, and pointed out that he has liked it even as it has declined from a 52-week high around $20 to a recent low of about $12.50 at the end of April. Shares of Yamana have come back from this recent low, and are up about 10% from this level, but Cramer said the stock "is not done going up yet."
With Yamana growing its EPS at about 350% on a trailing twelve month basis, Cramer called the company thee growth play for investors interested in the gold sector.
Shares of Yamana are surging today on a solid Q1 earnings report and a raised dividend announced yesterday after the close. Yamana stock most recently traded at $14.67, up $0.92, or 6.7%, from yesterdays closing price. [BCS]
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CRAMER'S STOCK PICKS
jeff sherman on May 9, 2008 07:44 AMCramer is often late to the party, like when he jumped on Diana Shipping (DSX) at $42. He very dangerous because he can shout out a list of stocks he likes, viewers act on his rantings and he is not accountable. He likes Elliot Sptizer too! Undoubtedly he is long on Yamana Gold (AUY) but probably bought in the $18+ range. He is right this time, buy and buy big.