Sandstorm Gold price target lowered by 25c at Raymond James, here’s why

Raymond James lowered the firm’s price target on Sandstorm Gold to $7.75 from $8 and keeps an Outperform rating on the shares. Sandstorm Gold expects 90,000-100,000 attributable gold equivalent ounces for 2023 and expects to reach about 125,000 attributable gold equivalent ounces within the next five years, the analyst tells investors in a research note. In addition, the company continues its focus on debt repayment using both free cash flow from producing streams and royalties, as well as undergoing a process to monetize between $40M-$100M of non-core assets in the portfolio by the end of 2024, Raymond James says.