KGC - Iamgold cut to Sell equivalent at RBC Capital on Côté project risk

Iamgold (NYSE:IAG) edges lower after RBC Capital downgraded shares on Wednesday to Underperform from Sector Perform with a $2 price target, saying the miner faces elevated risks with the development of its Côté gold project in Ontario, plus execution at its Rosebel and Westwood mines. Lower gold prices also have a disproportionate negative effect on the company, RBC's Josh Wolfson said. Iamgold's (IAG) valuation is now closer to that of its peer group after the stock has gained 36% since the end of January, but its risk profile is materially above average, according to the analyst. Wolfson also downgraded Kinross Gold (KGC) to Sector Perform from Outperform with a $6 PT, expecting Q1 results will be challenged by prior-guided lower H1 production and elevated costs, plus the negative impact of the Russian portfolio suspension. Iamgold (IAG) shares plunged 8% on Monday after receiving a downgrade from BMO, which expects Côté's

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Iamgold cut to Sell equivalent at RBC Capital on Côté project risk