Market Overview

UPDATE: Societe Generale Upgrades Iamgold Corporation to Hold; Bad News Reflected in Price

Related IAG
"Golden" Years... or Days, Anyway - Analyst Blog
Earnings Scheduled For February 19, 2014

Societe Generale upgraded Iamgold Corporation (NYSE: IAG) from Sell to Hold.

Societe Generale noted, "The stock has breached our previous price target (C$10.40) and, in our view, now looks oversold. The c.40% collapse in the share price over the last 12 weeks is linked to two key news events. First the company's downgrade of 2013 forecast gold output announced in mid-November 2012 and second, to the guidance provided mid-January for a sharp increase in unit cash costs in 2013 (+30% yoy). Accounting for these negative impacts in our valuation, our price target drops by 9% to C$9.50/sh."

Iamgold Corporation closed at $8.49 on Tuesday.

Posted-In: Societe GeneraleAnalyst Color Upgrades Analyst Ratings

 

Most Popular

Related Articles (IAG)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free