Gold Fields upgraded to Market Perform from Underperform at BMO Capital

BMO Capital upgraded Gold Fields to Market Perform from Underperform with a price target of $14, up from $13.50. Despite the recent gold price appreciation, Gold Fields has underperformed its peers on setbacks with respect to Salares Norte’s ramp-up delays, subsequent guidance revision, and operational volatility, the analyst tells investors in a research note. BMO adds however that the market now has better visibility on the potential operational risks, while the stock’s valuation is now more in line with its peers.