UPDATE: Canaccord Genuity Upgrades Kinross Gold to Buy on Strong Q3 Results
Canaccord Genuity raised its rating on Kinross Gold (NYSE: KGC) from Hold to Buy with a reiterated $13 price target.
Canaccord Genuity said, "We are upgrading Kinross shares to a BUY from Hold following the release of Q3/12 results. Our BUY rating is based on relative valuation and implied return to target. The shares have declined approximately 15% since the beginning of October (underperforming peers by approximately 8.6%) and trade at only 0.73x 5%/spot P/NAV versus the sr/int average of 0.93x."
Kinross Gold closed at $9.39 on Wednesday.
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