TD Securities Upgrades Kinross Gold (KGC) to Buy, Higher Gold and a Better Way Forward
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Price: $5.26 -2.95%
Rating Summary:
8 Buy, 5 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 5 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade KGC Now!
TD Securities upgraded Kinross Gold (NYSE: KGC) from Hold to Buy with a price target of $13.50 (from $9.00) following a recent presentations from new CEO, Paul Rollinson, and related to a higher gold forecast.
The firm is now forecasting $1,900/oz in 2013 (from $1,750/oz) and $1,800 in 2014 (from $1,700/oz).
"We will be the first to admit that this is something of a call on a new, untested CEO and that our view is helped by our higher gold price deck," analyst Greg Barnes comments. "That being said, we also believe that the worst is behind the company with respect to re-setting expectations for the Tasiast project, that investors are placing little to no value on the FDN or Lobo Marte projects and that the company has a respectable base of existing production (~2.5 Mozs/yr at $700/oz cash costs) and a strong liquidity position (available liquidity of ~$3.9 billion)."
For an analyst ratings summary and ratings history on Kinross Gold click here. For more ratings news on Kinross Gold click here.
Shares of Kinross Gold closed at $10.37 yesterday, with a 52 week range of $7.11-$17.90.
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The firm is now forecasting $1,900/oz in 2013 (from $1,750/oz) and $1,800 in 2014 (from $1,700/oz).
"We will be the first to admit that this is something of a call on a new, untested CEO and that our view is helped by our higher gold price deck," analyst Greg Barnes comments. "That being said, we also believe that the worst is behind the company with respect to re-setting expectations for the Tasiast project, that investors are placing little to no value on the FDN or Lobo Marte projects and that the company has a respectable base of existing production (~2.5 Mozs/yr at $700/oz cash costs) and a strong liquidity position (available liquidity of ~$3.9 billion)."
For an analyst ratings summary and ratings history on Kinross Gold click here. For more ratings news on Kinross Gold click here.
Shares of Kinross Gold closed at $10.37 yesterday, with a 52 week range of $7.11-$17.90.
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