UPDATE: JPMorgan Starts Kinross Gold (KGC) at Overweight
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JPMorgan analyst Tyler Langton initiates coverage on Kinross Gold (NYSE: KGC) with a Overweight rating and a price target of $11.00.
The analyst comments "We are initiating coverage of Kinross Gold (NYSE – KGC) with an Overweight rating and a Dec 2021 price target of US$11 and also adding the stock to JPM’s U.S. Analyst Focus List as a value idea. Our price target is based on equal weightings of a 1.5x NPV multiple and a 2021E EV/EBITDA multiple of 5.5x, with both equating to a share price of US$11. We are also initiating coverage of Kinross Gold (TSX – K) with an Overweight rating and a Dec 2021 price target of C$14. Our target for K is derived by applying the US/CAD exchange rate of 1.30 to our US$ price target of $11."
Shares of Kinross Gold closed at $7.34 yesterday.
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