UPDATE: BMO Capital Markets Upgrades Randgold Resources to Outperform on Flight to Quality Report

In a report published Monday, BMO Capital Markets analyst Andrew Breichmanas upgraded the rating on Randgold Resources Ltd.

from Market Perform to Outperform, but lowered the price target from $110.00 to $100.00. In the report, Breichmanas noted, “BMO Research is upgrading Randgold Resources to Outperform in parallel with the publication of a report titled Flight to Quality which recommends a flight to quality strategy for investing in mining equities. Randgold offers appeal for above-average asset quality, impressive organic growth opportunities, and a solid management team. The asset quality is evident upon analysis of the company's reserve and resource statement which demonstrates significantly better grades than many of its peers. The company expects consolidated production to exceed 1.2Moz by 2014 with ramp-up of the Kibali mine in the DRC. Management has navigated unrest in Côte d'Ivoire, the DRC, and most recently Mali with little impact on operations, somewhat mitigating risks associated with operating in challenging jurisdictions.” Randgold Resources Ltd. closed on Friday at $75.27.