UPDATE: Morgan Stanley Upgrades Randgold Resources
Morgan Stanley has published a research report on Randgold Resources (NASDAQ: GOLD) and has upgraded the company from Equal-weight to Overweight.
In the report, Morgan Stanley wrote, "As operational risks from the Loulo mine recede, we believe the investment case will increasingly reflect Randgold's ability to deliver profitable volume growth, cuts in cash costs, and sizeable resource additions to its portfolio. In a sector that continues to struggle to realize meaningful volume growth (1.3% volume CAGR 2005-11), Randgold is among the few miners we see as able to deliver profitable growth – 2012-15 volume CAGR of 15% – and has a portfolio that presents opportunities for positive surprises, above and beyond current projections."
Randgold Resources is currently trading up 0.36 percent form Monday's $120.75 closing price.
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