Stifel upgrades IAMGold to Hold, cites closing funding gap

Stifel analyst Ingrid Rico upgraded IAMGold to Hold from Sell with a price target of C$3.25, up from C$2.50. The analyst said that, following three transactions, IAMGold has addressed its significant funding risk and is shifting now to execution and delivery of Cote and regaining its operational track-record. Rico now sees the company having filled its funding gap with proceeds from asset sales and financing arrangements.