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UPDATE: HSBC Upgrades Yamana Gold Following Q3 EPS Forecast

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Here's Why Yamana Gold Needs More Debt Reduction

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
Jun 2015BMO CapitalInitiates Coverage onMarket Perform
Mar 2015Credit SuisseInitiates Coverage onNeutral
Mar 2015TD SecuritiesUpgradesHoldBuy

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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