10:38 AM EST, 12/05/2024 (MT Newswires) -- Iamgold(IAG) maintained its Outperform rating and C$12 price target, National Bank of Canada said in a Thursday note.
The bank derived the target price from a 100% weighted 4.75x NTM EV/EBITDA multiple, which implies a P/NAV of 0.85x.
National Bank said Iamgold(IAG) remains its top pick in the intermediate producer space due to the incremental de-risking of the Cote gold mine ramp-up and the strong performance of the company's assets.
Iamgold (IAG) recently provided an updated resource and reserve estimate that outlined 4.3 million tonnes grading 7.30 grams per tonne gold for 1.9 million ounces of contained gold.
Iamgold's (IAG) share price was down 0.6% at last look to $7.92 on the TSX.
Price: 7.94, Change: -0.03, Percent Change: -0.38