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

BMO Capital Markets raised its rating on IAMGOLD 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.