Upgrade - Desjardins 07:54 AM EDT, 09/29/2021 (MT Newswires) -- Pure Gold Mining Inc. (PGM.V) was upgraded to Buy from Hold at Desjardins on Wednesday.
Analyst John Sclodnick resumed coverage of the stock and lowered his price target to $1.70 from $1.80.
Sclodnick said the Vancouver-based gold producer's operations appear to be turning around.
"While we would like to see more operational consistency, our model incorporates conservative estimates, allowing for considerable future NAV growth," the analyst said in a note to clients.
"Our scenario analysis indicates that much of the downside risk is factored into the share price and, in our view, the potential return of 100% more than justifies the risk, particularly given the strengthened balance sheet post-financing."
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