Stock Watch-In the news
Globe says Wesdome Gold Mines kept at "outperform"
2022-01-10 07:34 ET - In the News
The Globe and Mail reports in its Saturday, Jan. 8, edition that National Bank analyst Don DeMarco has reaffirmed his "outperform" recommendation for Wesdome Gold Mines. The Globe's David Leeder writes in the Eye On Equities column that Mr. DeMarco bumped his share target up by a loonie to $15.50. Analysts on average target the shares at $14.67. Mr DeMarco says in a note: "Our thesis is supported by net-asset-value accretion from near-mine exploration success; low capex intensity production growth; M&A appeal as a Canadian producer; and visibility for a higher target after Kiena ramp-up derisked. At Kiena, we currently model life-of-mine production with significant potential for upside from exploration success. We highlight the recent Kiena Footwall discovery announced on March 23 and additional results on May 19 as a driver of improved sentiment." The Globe reported on July 17 that Canaccord Genuity cut Wesdome to "hold" from "buy." It was then worth $12.11. The Globe reported on Sept. 22 that iA Capital Markets analysts George Topping and Puneet Singh were sticking with their "strong buy" call for Wesdome when its shares could be had for $11.11.
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