RBC Capital analyst Wayne Lam upgraded IAMGold to Sector Perform from Underperform with a price target of $2.75, up from $1.75, after assuming coverage of the name. The firm cites increased gold price forecasts for the upgrade. In addition, IAMGold’s construction risks at Cote Gold are better managed given recent financing with visibility to first gold in early 2024, which could provide a re-rating opportunity, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on IAG:
