Market Overview

UPDATE: BMO Capital Markets Upgrades IAMGOLD to Outperform; Pullback Overdone

Related IAG
Mid-Morning Market Update: Markets Open Lower; Lowe's Profit Beats Street View
Midday Gainers From November 14: Geron, Pandora Media, Bitauto, IAMGOLD

BMO Capital Markets raised its rating on IAMGOLD (NYSE: IAG) from Market Perform to Outperform with a reiterated $17 price target.

BMO Capital Markets noted, "BMO Research's analysis suggests that market concerns over slower development at Westwood, Sadiola and Niobec appear overdone relative to the valuation adjustments (~1% lower NPV) and represents a potential buying opportunity given today's share price decline. BMO Research had already assumed lower production at Sadiola and excluded Sadiola Deeps development based on analysis of joint venture partner, AngloGold Ashanti (ANG-JSE; R281.13; Market Perform)."

IAMGOLD closed at $11.97 on Wednesday.

Latest Ratings for IAG

DateFirmActionFromTo
Nov 2014BarclaysMaintainsUnderweight
Oct 2014
Aug 2014SocGenMaintainsSector Perform

View More Analyst Ratings for IAG
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (IAG)

Around the Web, We're Loving...

Get Benzinga's Newsletters