UPDATE: HSBC Upgrades Yamana Gold Following Q3 EPS Forecast
In a report published Monday, HSBC Global Research analyst Patrick Chidley upgraded the rating on Yamana Gold (NYSE: AUY) from Underweight to Neutral, and raised the price target from $9.30 to $10.00.
In the report, HSBC Global Research noted, “We forecast Q3 EPS of USD0.06 based on the estimated commercial production of 299k GEO (including Alumbrera) at by-product cash costs of USD386/GEO. We expect total production (including the commissioning Brazilian mines) of 320kGEO. Although Yamana anticipates commercial production at these mines by the year-end, we believe the commissioning process may extend into 2014, especially at the EPAP project, where the pace of the ramp-up is disappointing, mainly due to the delay in receiving the required underground mining permit for the Pau-a-Pique mine.”
Yamana Gold closed on Friday at $9.37.
Latest Ratings for AUY
|Feb 2015||Bank of America||Reinstates||Buy|
|Nov 2014||RBC Capital||Downgrades||Outperform||Sector Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.