UPDATE: Canaccord Genuity Upgrades IAMGOLD to Buy Following Strong Earnings Beat
In a report published Wednesday, Canaccord Genuity analyst Steven Butler upgraded the rating on IAMGOLD Corporation (NYSE: IAG) from Hold to Buy, but slightly lowered the price target from $8.25 to $7.40.
In the report, Butler noted, “We are revising our recommendation on IAMGOLD to BUY from Hold based largely on our view that the shares are oversold and appear cheap based on 3.2x 2014 P/CF vs. the sr/int average of 5.4x and 0.5x 5%/spot P/NAV vs. the sr/int average of 0.88x. The company reported Q1/13 earnings which came in ahead of estimates.”
IAMGOLD Corporation closed on Tuesday at $5.38.
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