Bank of America Reiterates Buy Rating, $137.36 PT on Randgold Resources
In a report published Monday, Bank of America reiterated its Buy rating and $137.36 price target on Randgold Resources (NASDAQ: GOLD).
Bank of America noted, “Randgold is a mid-cap pure gold play with output forecast to increase by around 25% to over 1Mozpa by 2014. Randgold has outperformed its peer group through exploration success and, as a result, has delivered superior reserve growth on a per share basis. Operationally, there have been a few setbacks at the Loulo underground and Tongon in recent years, but we believe the group is now well placed to deliver on its growth targets going forward.”
Randgold Resources closed on Friday at $95.65.
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