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UPDATE: HSBC Upgrades Yamana Gold Following Q3 EPS Forecast

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What It Really Costs To Mine Gold: The Yamana 4th Quarter Edition (Seeking Alpha)

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

DateFirmActionFromTo
Feb 2015BarclaysMaintainsOverweight
Feb 2015Bank of AmericaReinstatesBuy
Nov 2014RBC CapitalDowngradesOutperformSector Perform

View More Analyst Ratings for AUY
View the Latest Analyst Ratings

Posted-In: HSBC Global Research Patrick ChidleyAnalyst Color Upgrades Analyst Ratings

 

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