Centerra Gold (CG.TO) keeps its stock ratings and price targets after reporting its third-quarter results, according to separate notes from RBC Capital Markets and National Bank of Canada.

Centerra retained its Outperform rating and C$12 price target at RBC Capital Markets while keeping its Outperform rating and C$14 price target at National Bank of Canada.

In RBC's View the impact is 'Neutral', noting CG reported a modest EPS miss, with production up but slightly lower than forecast and costs mixed versus RBC estimates and noting reiterated 2024 guidance. In the near/mid-term RBC expects investors to focus on the molybdenum business (13% of NAV), including potential partnerships or divestment as spending starts to accelerate on the restart of Thompson Creek. RBC said other potential catalysts include the coming PEA for Mount Milligan as well as the initial resource estimate at Goldfield. With more than $1bn in liquidity (including near $600m in cash), M&A could be an increasing focus for management as Oksut production starts to decline, the bank added.

National Bank sees the impact as 'Slight Negative' as overall, given the slight miss on Adjusted EPS and slightly higher than expected costs, it would expect Centerra to trade slightly below peers in today's trading.

National's Outperform rating for Centerra is based on the company's strong balance sheet versus intermediate peers and improved path forward for the MBU. The bank derived its C$14.00 target price for Centerra from a 100% weighted 4.00x NTM EV/EBITDA target multiple, which implies a 0.95x P/NAV. As of Thursday's close, Centerra was trading at 2.3x and 2.7x our 2024 and 2025 estimates on an EV/EBITDA basis and 0.68x NAV on a cash-adjusted basis.

The company's share price fell 2.3% yesterday to $9.84 on TSX.