Australia's West African Resources extends gains after in-line production, forecast

West African Resources

12/07/2024 04:12

** Shares of West African Resources  WAF.AX  rise 2.8% to
A$1.465, extending gains to a second day
    ** Miner posted Q2 gold production of 51,049 oz from its
Sanbrado Gold Operations on Thursday in line with Macquarie's
estimates
    ** Co said it is on track to achieve the top upper end of
its 2024 production guidance
    ** Macquarie now sees CY24 production at 209koz from 208koz
earlier 
    ** Brokerage maintains A$1.90 price target, 'outperform'
rating
    ** However, Macquarie says co's Q2 gold sales were 10% below
brokerage's estimate; average sales price were more than 1%
lower than its estimate
    ** Macquarie cuts CY24 EPS estimate by 4%
    ** All three analysts covering the stock rate it "buy";
their median PT is A$1.90 - LSEG Data
    ** Stock up 50.8% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))