RE:RE:RE:RBC Retains Outperform Target Post-2024 Guidance Release 11:05 AM EST, 02/27/2024 (MT Newswires) -- BMO Capital Markets on Monday reiterated its outperform rating on the shares of Argonaut Gold (AR.TO) while lowering its price target to C$0.75 from C$1.00 after the company's 2024 guidance failed to meet expectations.
"Argonaut today released disappointing 2024 guidance where production and cost guidance missed expectations at all sites. At Magino, the lower-than-expected guidance is mainly driven by lower grades processed for the next 2-3 years due to challenges with selectively mining the high-grade ore. Improving mill throughput over 2024 thanks to mill optimization, however, could put 2025 production back on track. The company expects to re-finance its debt to maintain sufficient liquidity. Incorporating today's update, we maintain our Outperform rating but lower our target price to C$0.75/sh," analyst Brian Quast wrote.