UPDATE: Cowen Securities Upgrades Yamana Gold to Buy; Valuation Discounts Peer-Leading Returns

Cowen Securities upgraded Yamana Gold

from Hold to Buy and announced a $16.40 price target. Cowen Securities analyst Adam P. Graf noted, "We are upgrading AUY to Buy from Hold. Shares have traded off with the group YTD. However, AUY has not disappointed in either 2012 performance or 2013 guidance, unlike its peers. Production growth for 2013-2016E leads the peer-group at a CAGR of 8.0% versus peers of 6.0%." Yamana Gold closed at $16.40 on Monday.