Macquarie raises EPS estimates for West African Resources on strong Q4 production

West African Resources

10/01/2024 23:42

** Analysts at Macquarie increases CY23 earnings per shares
estimates for Australia's West African Resources  WAF.AX  by 2%
on strong qtrly production and sales 
    ** Shares of co rise as much as 2.6% to A$0.980, hitting
highest level since Jan. 2 
    ** Miner produced 58.0 kilo ounces (koz) from Sanbrado gold
operations in Q4, 4% above Macquarie expectations 
    ** Co reported gold production of 226,823 ounces for 2023,
achieving its production guidance
    ** Gold sales in the quarter of 66.1 koz were 9% stronger
than the brokerage's forecast 
    ** Macquarie retains A$1.60/sh target price, gives
"outperform" rating 
    ** All four analysts rate the stock "Buy"; their median PT
is A$1.58 - LSEG Data
    ** Stock declined 19.6% in 2023 
   

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