Still looking for 50% SP appreciation. GLTA
BMO Nesbitt Burns analyst Jackie Przybylowski made a series of target price adjustments to mining stocks in her coverage in a second-quarter earnings review released Wednesday.
“We wrote in our Q1/22 earnings recap ‘that wasn’t so bad, yet’ because mining companies under our coverage had, at that time, not provided meaningfully negative commentary around cost inflation,” she said. “This changed in the Q2/22 earnings season — we have seen changes to 2022 operating cost guidance across our coverage. Our hope (and base-case expectation) is that this guidance re-set represents a slowing, or (very modest) reversal, to the cost creep trend and that disappointment in Q2 will set up companies for more positive catalysts in H2/22. Our top picks continue to be Teck Resources and Agnico Eagle.”
Ms. Przybylowski’s changes were:
- Agnico Eagle Mines Ltd. (“outperform”) to US$68 from US$72. Average: US$68.51.