TD Newcrest Upgrades Yamana Gold (AUY) to Buy; Higher Copper Forecast and Improved
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TD Newcrest upgrades Yamana Gold (NYSE: AUY) from Hold to Buy. Price target increased by $1 to $15.
TD analyst says, "Production in Q3 was largely in line with our estimates, with cash costs slightly lower. Gualcamayo, the company's key growth asset, had an encouraging quarter with strong results in its first quarter of commercial production...Also we have updated our valuation to reflect increases to our near and long term base metal price forecasts. Reflecting these changes and what we view as, more realistic production targets going forward, we are upgrading Yamana to a BUY recommendation...Yamana now appears more focused on resource growth and project optimization rather than expansions, which we believe is a good strategy."
To see more analyst ratings on AUY Click Here.
Yamana Gold, Inc. engages in the acquisition, exploration, development, and operation of gold properties.
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