KGC - Kinross Gold bounces off lows after exiting Russia operations

Kinross Gold (KGC +3.1%) begins to lift from YTD lows after the only large western miner in Russia said it would suspend its gold mining activities in the country, despite working there for 25 years; Kinross has said it expected its Russian operations to account for 13% of total production in 2022. Credit Suisse downgrades shares to Neutral from Outperform with a $5.25 target price, cut from $7, following the suspension, although the "silver lining to the messy exit from Russia is that Kinross' portfolio going forward will be skewed more favorably towards the Americas, and could result in a better valuation longer term once the Dixie project comes online." Scotiabank, which cuts its stock price target to C$7.50 from C$9 previously, says the Russian exit will hurt Kinross in the short term but notes the overhang on the stock from the company's presence in the country and that cash

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Kinross Gold bounces off lows after exiting Russia operations