Barrenjoey cuts PT on Gold Road Resources, downgrades to 'underweight'

Gold Road Resources

26/06/2023 24:51

** Analysts at Barrenjoey cut Price Target on Australia's
Gold Road Resources  GOR.AX  to A$1.50 from A$1.65; downgrades
rating to 'Underweight' from 'Neutral'
    ** Co on Thursday cut 2023 production guidance to 320-350koz
from 340-370koz for its Gruyere mine
    ** Brokerage slashes co's 2023 net profit after tax
estimates by 14%
    ** Barrenjoey further trims co's 2024 production forecasts
by 2% to reflect ongoing concern about operational performance
    ** Five of nine analysts rate the stock "buy" or higher, two
"hold" and two "sell"; their median PT is A$1.90 – Refinitiv
data
    ** Stock has fallen 10.4% this year as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))