Credit Suisse Downgrades Randgold Resources Ltd. (GOLD) to Neutral
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Credit Suisse downgraded Randgold Resources Ltd. (NASDAQ: GOLD) from Outperform to Neutral.
Analyst Conor Rowley comments "Randgold had a challenging operational 2016 due to commissioning issues at Kibali and Tongon. While we do forecast a strong Q4, in our view the company will miss 2016 guidance on volumes and costs. In 2017 we forecast greater operational stability; however, we do not expect any other material catalysts over the medium term. In our view Randgold is pricing in a gold price towards $1,300/oz and therefore we downgrade the shares to Neutral in light of headwinds to the gold price. A key positive is the company's growing cash balance that could result in higher shareholder cash returns; however we do not see the potential for that until this time next year."
Shares of Randgold Resources Ltd. closed at $82.16 yesterday.
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