Equinox Gold reinstated with an Outperform at BMO Capital

BMO Capital analyst Kevin O’Halloran reinstated coverage of Equinox Gold with an Outperform rating and C$8 price target. The analyst sees value in the company’s 60% stake in the Greenstone project, a new gold mine in Ontario advancing to first production in the first half of 2024. The firm expects the shares to re-rate to higher multiples in the coming quarters as Greenstone advances. In addition to Greenstone, Equinox operates seven gold mines in the Americas, with multiple expansion opportunities offering further growth potential, the analyst tells investors in a research note.