UPDATE: Canaccord Genuity Upgrades Kinross Gold to Buy on Strong Q3 Results

Canaccord Genuity raised its rating on Kinross Gold

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.