Market Overview

UPDATE: BMO Capital Markets Downgrades IAMGOLD Corporation to Market Perform, Lowers PT

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

In a report published Wednesday, BMO Capital Markets downgraded its rating on IAMGOLD Corporation (NYSE: IAG) from Outperform to Market Perform, and lowered its price target from $16.00 to $14.00.

BMO Capital Markets noted, “Attributable gold sales of 214koz on production of 205koz at cash costs expected to be ~US$674-716/oz are in line with BMO Research forecast of 211koz at US$715/oz; while niobium production of 4.7kt for 2012 was in line with expectations. For 2013, IAMGOLD reiterates production of 875-950koz gold, but cash costs of US$850-925/oz are higher than forecast of US$730/oz. The company ascribed the higher costs to one-third inflation and one-third lower grades (especially Essakane), while production mix (high cost Sadiola and Yatela) and harder ore (Essakene and Rosebel) also contributed. Niobium production guidance of 4.7-5.1kt is higher than forecast for 4.4kt. The Côté Gold resource estimate now stands at 269Mt at 0.88g/t (or 7.61Moz) in the Indicated category and 44Mt at 0.74g/t (or 1.04Moz) in the Inferred category.”

IAMGOLD Corporation closed on Tuesday at $10.87.

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 Downgrades Analyst Ratings

 

Related Articles (IAG)

Around the Web, We're Loving...

Get Benzinga's Newsletters