Analysts at Raymond James made a series of target adjustments to mining companies in their coverage universe in a research report reviewing third-quarter earnings season.
“Gold producers in our coverage largely maintained full-year guidance in 3Q with production through the first three quarters tracking between 74-81 per cent of FY guidance across our respective gold producers suggesting little risk of missing FY guidance,” the firm said. “Within our coverage, we expect AEM, CXB, and NGD to either beat or come in at the top end of production guided ranges. On cash costs, the majority of the gold producers in our coverage maintained guidance, and we highlight BTG and KGC are guiding to the low end of range. IAG and OGC both raised opex guidance for the year.
“Copper producers in our coverage are tracking between 65-73 per cent of FY copper guidance. Despite the slow year-to-date production, producers generally maintained copper production guidance ranges, apart from FM (lowered Cu production guide by 6 per cent at midpoint). We expect ERO, IVN, HBM, and LUN to all have the highest Cu production quarter of the year in 4Q23 on a combination of higher grade and throughput. FM is expecting weaker production quarter-over-quarter, and we highlight further downside risk with production at Cobre Panama being suspended in late November.”
Their changes include:
- Agnico Eagle Mines Ltd. ( “outperform”) to US$66 from US$67. The average on the Street is US$65.57.