UPDATE: Stifel Nicolaus Upgrades Randgold Resources to Buy
Stifel Nicolaus raises its rating on Randgold Resources (NASDAQ: GOLD) to Buy from Hold and establishes a price target of $110 per share on the company's favorable outlook.
Stifel Nicolaus says, "We are taking the opportunity to upgrade our Randgold rating to Buy and are introducing a $110 price target. Randgold maintains an attractive growth profile, stable operating margin outlook, and favourable exploration opportunities. Following a contraction in valuation associated with perceived political risks, investors have the opportunity to gain exposure to a high quality gold producer at a discount to historical valuation levels. Shares currently trade at a 30% NAV premium to the producer group, below the company's one year average of 36%."
GOLD closed at $81.44 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.