Analysts lower rating for Australia's Gold Road on miner's 3-yr output forecast

Gold Road Resources

06/04/2023 01:57

** Analysts at Macquarie and Canaccord Genuity lowered
rating for Gold Road Resources  GOR.AX  after co updates
production outlook for Gruyere mine in Western Australia
    ** The gold focused miner on Wednesday said Gruyere 3-year
output outlook ranges between 335,000 ounces and 375,000 ounces
per annum
    ** Co's outlook was in line with Maquarie's estimates,
however, it was a mid-point decrease of ~6% compared with
Canaccord Genuity's prior forecast
    ** Macquarie downgraded rating to "neutral' from
"outperform", maintains PT at A$1.80
    ** Canaccord Genuity cuts PT to A$1.95 from A$2.05; lowers
rating to "hold" from "buy"
    ** Canaccord Genuity slashes its CY23 production estimates
by 2% to 355koz
    ** GOR the only unhedged Australian gold producer in our
coverage, fully exposed to spot gold prices - Canaccord Genuity 
    ** Shares of GOR fall as much as 2.6% to A$1.758
    ** Seven of nine analysts rate the stock "buy" or higher,
one "hold" and one "sell" or lower; their median PT is A$1.88–
Refinitiv Eikon data 
    ** Stock up 6.8% this year, as of last close 
    
       
    
    

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))