IAG - Iamgold's Côté Gold Project Anticipated To Boost Production Amid Rising Gold Price Predictions: Analyst | Benzinga
RBC Capital Markets analyst Wayne Lam upgraded Iamgold Corporation (NYSE: IAG) to Sector Perform from Underperform, raising the price target to $2.75 from $1.75.
The analyst raised the price target to reflect improved near-term SCF and increased gold price forecasts via a recent deck update.
Lam thinks construction risks at the Côté Gold project are better managed given recent (high-cost) financing with visibility to first gold in early 2024, which could provide a re-rating opportunity.
Impending output at Côté is expected to transform the production profile for Iamgold Corporation, providing lower-cost output in Ontario, which is estimated ...