Jefferies upgrades Australia's Gold Road Resources on favourable prospects

Gold Road Resources

29/01/2024 18:53

** Analysts at Jefferies believe Gold Road Resources
 GOR.AX  is facing temporary issues in labour availability
    ** Brokerage reduces price target to A$2.00/shr from
A$2.10/shr; upgrades stock rating to "buy" from "hold"
    ** Analysts believe sell-off in gold miner during trade
hours on Jan. 29 is "overdone"
    ** However, brokerage says 2024 guidance was below
expectations, but it does not change its principle investment
proposition with the stock
    ** Following the increase in production from Gruyere, and
ongoing exploration activity in the Golden Highway, we expect a
higher, ongoing production base to be sustained for longer than
the 3-year outlook guidance - Jefferies
    ** Seven of twelve analysts covering the stock rate "buy" or
higher, three rate "hold" and two rate "sell" or lower; their
median PT is A$2.00 - LSEG data
    ** Stock has fallen 13% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))