BUZZ-Canaccord Genuity raises PT on gold, silver miners

Reuters
2024-10-22

** Brokerage Canaccord Genuity raises price targets on several precious-metals miners to reflect strong commodity prices

** Canaccord forecasts all-in-sustaining-costs (AISC) margins, an industry metric reflecting total expenses, to rise 13% in Q3 compared to Q2 for "senior producers" including Newmont , Barrick Gold , Agnico Eagle Mines

, and Kinross Gold

** Brokerage raises long-term price forecast for gold to $2,963/oz from $2,712/oz previously; raises long term silver price outlook to $35.28/oz vs $33.58/oz previously

** Canaccord notes that gold equities have been closing the gap with prices of the bullion; since the end of February, S&P/TSX Global Gold Index has risen 63%, outperforming the 34% increase in gold prices

Brokerage raises PT on the following firms:

Company New PT Old PT Rating

Newmont Corp $66 $59 BUY

Barrick Gold C$35 C$33 BUY

Kinross Gold C$19 C$16.50 BUY

Agnico Eagle Mines C$140 C$125 BUY

Pan American Silver $32 $28 BUY

Endeavour Mining C$56 C$53 BUY

B2Gold C$8 C$7 BUY

Hecla Mining $8 $7.75 BUY

Coeur Mining $9 $7.75 BUY

Silvercorp Metals C$7.50 C$7 BUY

Alamos Gold C$35 C$29.50 BUY

Lundin Gold C$35 C$30.50 HOLD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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