Market Overview

UPDATE: BMO Capital Markets Downgrades IAMGOLD Corporation to Market Perform on Higher Costs

Share:
Related IAG
IAMGOLD Shares Higher Following Credit Suisse Upgrade
Benzinga's Top Upgrades
Credit Suisse upgrades IAMGOLD, Yamana Gold amid improved metal outlook (Seeking Alpha)

BMO Capital Markets downgraded IAMGOLD Corporation (NYSE: IAG) with a Equal-weight and lowered the 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."

IAMGOLD Corporation closed at $10.87 on Tuesday.

Latest Ratings for IAG

DateFirmActionFromTo
Jun 2016Credit SuisseUpgradesUnderperformNeutral
Jun 2016CIBCUpgradesSector Performer
May 2016Scotia Howard WeilDowngradesSector PerformUnderperform

View More Analyst Ratings for IAG
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (IAG)

View Comments and Join the Discussion!