UPDATE: Societe Generale Upgrades Iamgold Corporation to Hold; Bad News Reflected in Price

Societe Generale upgraded Iamgold Corporation

from Sell to Hold. Societe Generale noted, "The stock has breached our previous price target (C$10.40) and, in our view, now looks oversold. The c.40% collapse in the share price over the last 12 weeks is linked to two key news events. First the company's downgrade of 2013 forecast gold output announced in mid-November 2012 and second, to the guidance provided mid-January for a sharp increase in unit cash costs in 2013 (+30% yoy). Accounting for these negative impacts in our valuation, our price target drops by 9% to C$9.50/sh." Iamgold Corporation closed at $8.49 on Tuesday.