Ingrid Rico, an analyst from Stifel Nicolaus, maintained the Buy rating on Kinross Gold (KGC – Research Report). The associated price target is C$9.00.
Ingrid Rico has given Kinross Gold a Buy rating due to a variety of factors. Firstly, Kinross Gold’s Q3 operational results were strong, exceeding expectations in terms of both production and cost, which led to higher earnings. Standout performances from the Paracatu and Tasiast sites contributed significantly to these results. Additionally, Kinross is on track to meet its full-year production guidance, with year-to-date production representing 77% of the full-year guidance. Total cash costs are also tracking positively towards the lower end of the range.
Furthermore, Kinross is moving forward with an optimized Round Mountain Phase S, which is projected to enhance the production profile and potentially improve operating cash flow estimates for the period of 2025-2028 by 5-7%. Kinross has also consistently exceeded expectations in the last three quarters, showing a promising trend towards rebuilding a robust track record of operational performance. Consequently, Ingrid Rico believes this continued operational excellence should help to narrow the valuation gap between Kinross Gold and its senior peers.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a C$6.50 price target.
KGC’s price has also changed slightly for the past six months – from $5.310 to $5.230, which is a -1.51% drop .
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Kinross Gold (KGC) Company Description:
Kinross Gold Corp. is an exploration company. It engages in the production, acquisition, exploration and development of gold bearing properties in Canada, United States, the Russian Federation, Brazil, Ecuador, Chile, Ghana and Mauritania. The products are gold and silver produced in the form of dore. The company operates through the following business segments: Fort Knox, Round Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Crixas, La Coipa, Maricunga, Tasiast and Chirano. The company was founded by Robert MacKay Buchan on May 31, 1993 and is headquartered in Toronto, Canada.
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