Globe says i-80 Gold lowered to "sector perform"
i-80 Gold Corp (C:IAU)
Shares Issued 382,986,129
Last Close 10/11/2024 $1.48
Friday October 11 2024 - In the News
The Globe and Mail reports in its Friday edition that analysts at National Bank believe the expectations for the declining interest rates support a bullish outlook for precious metals, leading the firm to reaffirm its "constructive" stance on the sector.
The Globe's David Leeder writes that analyst Don DeMarco cut i-80 Gold to "sector perform" from "outperform.
" Mr. DeMarco's share target tumbled $1.25 to $3.50. Mr. DeMarco says in a note: "[We issued our downgrade] following a period of share price outperformance, and as we normalize our expectations for asset development in light of the company balance sheet and existing obligations, which offsets our favourable view of new leadership and the company's quality assets in a Tier 1 jurisdiction.
We recently expressed our encouragement for the appointment of Richard Young as CEO and director, who brings strong experience in Nevada including operational positions with Barrick Gold at its Goldstrike Mine, founder and CEO of Teranga Gold transforming the company from a single-asset producer into a mid-tier gold producer ultimately acquired by Endeavour in 2021 for $2.5-billion, and more recently, president and CEO of Argonaut Gold which was sold to Alamos Gold in July 2024."
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I believe the share price was reduced to $2.25 by National Bank not $3.50 and was updated on the TD website. Hopefully the new Captain can get the ship running?