Canaccord upgrades Coeur Mining to Buy, still bullish on gold

Canaccord upgraded Coeur Mining to Buy from Hold with an unchanged price target of $3.75. The analyst remains bullish on gold despite the recent pullback. The market is pricing in a final 25 basis point Federal Reserve funds hike at this week’s meeting and is expecting rate cuts in 2024, which is a positive for gold, the analyst tells investors in a research note. The firm forecasts Coeur’s Q2 production to be 23% over Q1, driven by higher throughput at Kensington and higher production from the leach pad at Wharf.