Kinross Gold (KGC) PT Raised to $9.75 at BMO Capital on Chirano Sale

BMO Capital analyst Jackie Przybylowski raised the price target on Kinross Gold (NYSE: KGC) to $9.75 (from $9.50) while maintaining an Outperform rating as they are positive on the Chirano mine sale.

The analyst commented, "Positive. Kinross has announced the sale of its Chirano mine in Ghana for total consideration US$225M, above the -US$245M value that we had estimated. Even correcting for what is potentially a low mined grade in our forecasts, we believe the sale price is a fair value. This transaction also importantly streamlines the Kinross portfolio — Chirano is a relatively small, short-life mine in an operating jurisdiction with no synergies other Kinross assets. We maintain our Outperform rating; our one-year target has increased to US$9.75/share (from US$9.50/share)."

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