Analyst Jackie Przybylowski of BMO Capital maintained a Buy rating on IAMGOLD (IAG – Research Report), boosting the price target to $4.50.
Jackie Przybylowski has given his Buy rating due to a combination of factors including IAMGOLD’s first-quarter performance that surpassed both the firm’s and the consensus estimates, particularly at the Essakane mine. The company’s production at existing operations saw a boost, with Essakane delivering higher grades and Westwood reaching its highest quarterly production since 2021 post-restart, due to improved grades. This strong performance led to earnings that exceeded market expectations, with IAMGOLD reporting an adjusted EPS notably higher than anticipated.
Furthermore, IAMGOLD seems well on its way to achieving its 2024 production and cost guidance, as current operations are outpacing full-year expectations. Côté project’s progress towards commercial production also inspires confidence, with a targeted throughput rate set for the end of 2024. Financially, the company appears to have adequate liquidity to cover remaining expenditures, having made strategic acquisitions, which bolsters Przybylowski’s optimistic outlook for IAMGOLD’s stock. Despite acknowledging potential risks to the Côté project, Przybylowski maintains the Outperform rating, reinforcing the positive sentiment around IAMGOLD’s prospects.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $4.60 price target.
IAG’s price has also changed dramatically for the past six months – from $2.300 to $3.850, which is a 67.39% increase.
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IAMGOLD (IAG) Company Description:
IAMGOLD Corp. engages in the exploration, development and production of gold and mineral resource properties. The company was founded by William D. Pugliese, Mark I. Nathanson, and Larry E. Phillips on March 27, 1990 and is headquartered in Toronto, Canada.
