28%
Globe says Canaccord's Baretto keeps Iamgold at "buy"
2021-11-17 08:28 ET - In the News
The Globe and Mail reports in its Wednesday, Nov. 17, edition that Canaccord Genuity analyst Dalton Baretto has reaffirmed his "buy" recommendation for Ivanhoe Mines. The Globe's David Leeder writes in the Eye On Equities column that Mr. Baretto boosted his share target by $2 to $13.50. Analysts on average target the shares at $12.05. Mr. Baretto says in a note: "A solid quarter, but given monthly progress updates from the company, we were not surprised. Maiden quarterly average cash costs at KK came in at $1.37 per pound; these are expected to decline going forward as the operation ramps up. Optimization remains ongoing, and Ivanhoe has increased production guidance for the year yet again, to 92.5-100kt Cu. Management notes that KK is now producing 700 tonnes of Cu daily with some frequency. This production rate is 28 per cent above design capacity for Phase 1. Off-site, the logistics chain appears to be delivering, albeit with some hiccups due to typical port congestion being seen everywhere in the world right now." The Globe reported on Oct. 20 that Mr. Baretto elevated his recommendation for Ivanhoe Mines to "buy" from "speculative buy." Iamgold shares could then be had for $10.10.