UPDATE: Raymond James Upgrades Yamana Gold
In Friday's morning summary, Raymond James analyst Phil Russo released a note in which he upgraded Yamana Gold (NYSE: AUY) from Market Perform to Outperform and raised the price target to $10.50.
Russo wrote, "Given Yamana has largely unperformed its peers so far in 2014, primarily (in our view) due to its lack of operating consistency, a swing in performance in this area in the second half of 2014 should be rewarded with an associated higher share price."
Looking to the second half, Russo estimates that Yamana's production will increase by 20 percent in the third quarter and 30 percent in the fourth quarter. Additionally, he is predicting that the company will yield seven percent free cash flow in 2015 compared to a senior producer peer average of four percent.
Yamana Gold traded recently at $8.68, up 1.8 percent.
Latest Ratings for AUY
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