TD Newcrest Upgrades Yamana (AUY) to Buy; $19 PT
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TD Newcrest upgrades Yamana (NYSE: AUY) from Hold to Buy and maintains a $19 price target.
The firm calls Yamana "one of the best growth pipelines in the gold industry with expansions at El Penon, Jacobina, Minera Florida and development projects, Gualcamayo and Sao Vicente coming on-line in the next couple of years."
TD Newcrest notes an 18% decline in the price of gold since its all-time high at $1,033/oz on March 17, and compares this to a 39% decline in Yamana's stock price over the same period, also pointing out that the decline in Yamana was obviously more severe. Now that gold prices have recovered, the firm strengthens its claim that Yamana is undervalued by highlighting the fact that the company's stock is still down about 23% from March 17, compared to gold that is only down 12% from that peak day.
With shares of Yamana trading around $14.90, TD Newcrest's $19 target represents a potential gain of about 28% from current levels.
Yamana Gold, Inc. engages in the acquisition, exploration, development, and operation of precious metal properties principally gold, as well as copper mining properties primarily in Brazil, Chile, Argentina, Honduras, and the United States. [BCS]
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