UPDATE: MLV & Co. Reiterates Buy Rating, Raises PT on Royal Gold
In a report published Wednesday, MLV & Co. reiterated its Buy rating on Royal Gold (NASDAQ: RGLD), and raised its price target from $82.00 to $92.00.
MLV noted, “Amid rising macro economic concerns, contracting micro productivity, and favorable sub-sector capital in-flows, Royal Gold is well positioned to grow earnings and increase shareholder value. Higher earnings and cash from operations, combined with favorable capital markets—namely high equity capital prices and low borrowing costs—are likely to support accretive expansion of the company's royalty portfolio. With operating companies facing cost pressure, stagnant volumes, and limited financial flexibility, Royal Gold's strong balance sheet may afford the company a competitive edge in future acquisitions.”
Royal Gold closed on Tuesday at $87.60.
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|Aug 2014||CIBC||Maintains||Sector Outperformer|
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