UPDATE: Canaccord Genuity Downgrades Kinross Gold Corporation to Hold
Canaccord Genuity lowered its rating on Kinross Gold Corporation (NYSE: KGC) from Buy to Hold and reduced its price target from $10.50 to $8.75.
Canaccord Genuity noted, "We are revising our rating on Kinross shares to HOLD from Buy following the release of Q2/12 results which included a potentially smaller expansion at Tasiast. Our HOLD rating is based on relative valuation, implied return to target, uncertainty surrounding the scope, processing methodology, and resource growth potential at Tasiast and Lobo-Marte, and uncertain fiscal terms and development timeline of the FDN project."
Kinross Gold Corporation closed at $3.16 on Wednesday.
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Tags: Canaccord Genuity