TD Newcrest Upgrades Kinross Gold (KGC) to Buy
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TD Newcrest upgrades Kinross Gold (NYSE: KGC) from Hold to Buy. Price target increased from $20 to $24.
TD analyst says, "We believe that investors are in the process of switching their view of gold from a safe haven hedge to an inflation hedge...We have raised our gold price forecasts for 2009, 2010 and 2011. In addition, we have raised our LT gold price assumption to US$900/oz from US$800/oz. We believe that economic/monetary conditions are favourable for the precious metals, albeit price weakness over the next couple of months is possible given seasonality factors. Over the next 12-18 months, we expect that the gold price could trade in a range of US$850-1100/oz. Based on our higher gold price forecasts, our NAV-5% for Kinross has increased to US$12.53 from US$10.29, or 21.7%."
To see more analyst ratings on KGC Click Here.
Kinross Gold Corporation (Kinross) is engaged in the mining and processing of gold and as a by-product, silver ore, and the exploration for, and the acquisition of, gold bearing properties in the Americas, the Russian Federation and worldwide.
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