Macquarie sees earnings downfall for Gold Resources on production woes

Gold Road Resources

08/01/2024 24:23

** Analysts at Macquarie see unexpected labour supply issues
as a catalyst for Australia's Gold Road Resources'  GOR.AX 
sequentially lower production rate in the December quarter    
    ** Brokerage maintains 'Neutral' rating, retains price
target of A$2.00 per share on GOR 
    ** Says Gold explorer's Q4 fiscal 2023 results of both
production and sales were 18% behind Macquarie's estimates
    ** Trims earnings per share forecasts by about 7% for fiscal
2023 and 2% for fiscal 2024-26
    ** GOR shares fall as much as 2.1% to A$1.675, set for their
worst day since Oct. 6, 2023, if losses hold
    ** Six of 12 analysts rate the stock "Buy" or "higher",
three "Hold" and three "Sell"; their median PT is A$2.00 – LSEG
data
    ** GOR gained 16.3% in 2023 

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))