UPDATE: Deutsche Bank Lowers Target to $85 on Kinross Gold
Deutsche Bank reiterates its Buy target on Kinross Gold (NYSE: KGC) and lowers its price target to $16.50 from $18 a share as shares underperform peers.
Deutsche Bank says, "Kinross' shares have underperformed its NA Gold peers by ~70 percentage points since January 2010, largely following its ~$8bn Red Back purchase in 2010. With shares trading at a significant discount to NA Gold peers (~40% on various metrics), less bad than feared impending announcements could propel shares to higher levels. Possibility of non-core asset sales to fund growth cannot be ruled out nor potential M&A interest from cash-rich peers in search for undervalued assets."
KGC closed at $11.05 a share on Tuesday.
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