Kinross Gold (KGC) PT Raised to $9 at Jefferies

Jefferies analyst Matthew Murphy raised the price target on Kinross Gold (NYSE: KGC) to $9.00 (from $7.00) while maintaining a Hold rating.

The analyst commented: "We expect higher Q2 gold prices to offset a dip in production and drive a quarterly step up in earnings and cash flow. Paracatu, Bald Mt and La Coipa are expected to contribute to the sequential production decrease. Production should rebound in the back half of the year with KGC's production profile being ~53% H2-weighted. We expect costs to reflect the production cadence (slightly higher in Q2 before rolling off in Q3). KGC is on-track to achieve its FY production, cost and capex guidance. We expect Phase X infill drilling at Round Mt to have occurred in Q2, first production at Manh Choh to have occurred in early Q3, and will monitor for details related to the Great Bear PEA and surface construction of the AEX program which are planned for the second half of the year."

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