UPDATE: Credit Suisse Upgrades Golden Star to Neutral on Wassa Reserve Growth

Credit Suisse upgraded Golden Star (NYSE: GSS) from Underperform to Neutral and raised the price target from $1.50 to $1.80.

Credit Suisse noted, "We upgrade our rating to Neutral and increase our TP to $1.80 with positive reserve growth at Wassa: Our $1.80TP is based on an even weighting of our $1.70/sh OpCFa valuation and $1.90/sh NAV valuation. … Reasons for becoming more constructive on GSS are emerging on a fundamental basis, including: (i) a new CEO with the opportunity to implement a turn-around plan for the company; (ii) the head-office move to Toronto, which will give the company greater access to the capital markets; (iii) strong drill results at Wassa, which resulted in a significant increase to reserves and resources at that asset in 2012."

Golden Star closed at $1.63 on Tuesday.

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