TD Cowen raises PT on gold, silver miners

B2Gold

18/10/2024 14:24

** Brokerage TD Cowen raises price targets on several
precious-metal miners 
    ** TD Cowen expects a strong Q3 given record-high gold
prices and relatively flat cost expectations
    ** Geopolitical instability in the Middle East, U.S. Fed
rate cuts, safe-haven flows, central bank buying and a weakening
U.S. dollar are all contributing to bringing gold to multiple
record highs in Q3 - TD Cowen
    ** Brokerage expects to see continued margin expansion for
gold prices in the second half of the year
    ** Expects silver to have more room to run as the U.S. Fed
continues to cut rates, which should help spur manufacturing
demand
    Brokerage raises PT on the following firms:
 Company         New PT      Old PT      Rating
 Barrick Gold    $27         $25         BUY
 Corp  GOLD.N                            
 Newmont Corp    $57         $48         HOLD
  NEM.N                                  
 Agnico-Eagle    $105        $91         BUY
 Mines  AEM.N                            
 Kinross Gold    $13         $11         BUY
 Corp  KGC.N                             
 B2Gold Corp     C$7.50      C$6.50      BUY
  BTO.TO                                 
 Alamos Gold     C$35        C$31        BUY
 Inc  AGI.TO                             
 Lundin Gold     C$38        C$27        BUY
 Inc  LUG.TO                             
 Pan American    $28         $27         BUY
 Silver                                  
  PAAS.N                                 
 First Majestic  C$9.50      C$7.50      HOLD
 Silver  AG.TO                           
 Endeavour       C$7.50      C$7         BUY
 Silver Corp                             
  EDR.TO                                 
 MAG Silver      C$25        C$22        BUY
 Corp  MAG.TO                            
 Hecla Mining    $8.50       $8          BUY
  HL.N                                   
 

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))