BMO Capital Markets on Tuesday reiterated its outperform rating on the shares of Orla Mining (OLA.TO, ORLA) while raising its price target to C$12.50 from C$8.00 after the company completed its acquisition of the Musselwhite mine in Ontario from Newmont (NGT.TO, NEM).
"After a period of restriction, we are resuming coverage of Orla with a target price of $12.50 (from $8.00) following the closing of the Musselwhite acquisition. Orla is now a two-mine producer with output of >300,000oz/yr. In our opinion, this entry into the Canadian jurisdiction is an accretive transaction that creates value, will allow the market to continue to revalue the company as it builds an operations track record at Musselwhite, pays down debt and delivers future growth from its deep portfolio including Railroad and the Camino Rojo Oxides," analyst Andrew Mikitchook wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 10.08, Change: -0.12, Percent Change: -1.18
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