Kinross Gold ( NYSE: KGC ) -3% in Monday's trading in a valuation call at Barclays, downgrading shares to Equal Weight from Overweight with a $5 price target, as shares have surged 54% from September 2022 lows.
Kinross Gold ( KGC ) has positive elements in its outlook including high grades at Paracatu, the ramp-up of Tasiast and La Coipa, and a maiden resource at Great Bear, but Barclays analyst Matthew Murphy believes much of this is baked into the current situation.
The company's stock buyback pace will be down considerably Y/Y, Murphy also said.
The analyst maintained Overweight ratings for Barrick Gold ( GOLD ) and Agnico Eagle Mines ( AEM ).
"While economic growth has remained better than expected, we still see gold as a good hedge against further deterioration in the outlook," Murphy wrote, as he continues to favor gold over copper equities.
Kinross Gold ( KGC ) has enjoyed a strong performance over the last six months, but that has made the stock less of a bargain, Bang For The Buck writes in an analysis newly published on Seeking Alpha .
For further details see:
Kinross Gold downgraded at Barclays even as gold glitters again