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Iamgold upgraded at BMO on Côté construction delay

Published 01/29/2019, 03:45 PM
Updated 01/29/2019, 03:45 PM
© Reuters.  Iamgold upgraded at BMO on Côté construction delay
  • Iamgold (IAG +5.8%) climbs as much as 6% after BMO Capital upgrades shares to Outperform from Market Perform with a $5 price target, raised from $3.75, praising its decision to wait for improved market conditions before proceeding with construction of the Côté gold project.
  • BMO analyst Andrew Kaip says "incremental value additions" are more beneficial while IAG (LON:ICAG) "works to gain a social license for advancing the Côté gold project under more appropriate market conditions."
  • Kaip says IAG can continue to focus on initiatives at existing operations that he considers "representative of the short-cycle capacity of the company."
  • Now read: Market Cheers Iamgold's Decision To Put Cote Gold On Pause


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