Raymond James lowered its target ? 11:36 AM EDT, 04/13/2022 (MT Newswires) -- Raymond James lowered its target price on Marathon Gold Corp. (MOZ.TO) to $3.25 from $3.50.
Analyst Craig Stanley maintained an Outperform rating on shares of the Canadian precious metals miner.
Stanley's target adjustment follows Marathon's development update that included a forecast for higher costs and a delay in first gold production.
The analyst said Marathon is advancing the Valentine Gold Project, the largest gold project in Newfoundland with a resource base of 4.8 million ounces.
"We have pushed back first gold by two quarters to 1Q25 and increased our cost assumptions," Stanley said in a note to clients. "As well, we have increased our modelled equity financing from $100 Million to $125 Million."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 2.82, Change: +0.05, Percent Change: +1.81