Jefferies raises PT on gold miners; hikes gold price forecast

Franco-Nevada

04/10/2024 16:49

** Brokerage Jefferies raises price targets on gold miners 
    ** Says gold can continue to gain in the near-term,
supported by rate cuts and the China credit impulse
    ** Raises gold price outlook by ~10% and sets long-term
price at $2,300/oz (previous $2,100/oz) 
    ** Adds that the continuing drivers of the upward shift in
gold are central bank asset allocation, geopolitics, and fiscal
irresponsibility
    Brokerage changes PT for the following firms:
 Company           New PT      Old PT
 Agnico Eagle      $85         $68
 Mines  AEM.N                  
 Barrick Gold      $28         $24
 Corp  GOLD.N                  
 Newmont Corp      $63         $54
  NEM.N                        
 Franco-Nevada     $137        $133
  FNV.N                        
 Kinross Gold      $10         $9
 Corp  KGC.N                   
 Royal Gold Corp   $154        $141
  RGLD.O                       
 

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