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In a note Thursday morning, Canaccord's Canadian equity research team upgraded shares of Kinross Gold Corporation (NYSE: KGC) citing a recent pullback in the stock as an opportunity.
Despite a 23 percent fall in recent weeks due to strikes at Tasiast and year-long strong performance, Canaccord still sees a 35 percent return with a price target of $7.75 Canadian dollars.
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Canaccord believes the Street has finally re-rated shares of Kinross to peers due to:
- Reliable operating performance
- Currency tailwinds
- Delayed weak oil price impact
- Tasiast's improved long-term outlook as FCF generator
- Delayed and moderated production cliff of two years
In terms of further catalysts for the stock, Canaccord says these are three factors to watch for:
- Site visit to Bald Mountain at the end of June.
- Vantage pit receipt permit at Bald Mountain, expected mid-2016 with immediate reserve conversion of approximately 0.6Moz
- Potential early shutdown of Maricunga
Shares of Kinross closed on the day at $4.51, up 2.27 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.