The Financial Post reports in its Friday edition China's currency revaluation has considerably improved the prospects for precious metals stocks, prompting an upgrade of several names by Deutsche Bank. The Post's Jonathan Ratner, writing in Trading Desk, says analyst Jorge Beristain increased his rating on Barrick Gold, Newmont Mining Corp., Pan American Silver and Helca Mining to buy from hold. Despite a sagging gold price, the analyst's price targets on precious metals names now represent potential upside of 46 per cent. Mr. Beristain said the gold correction that began in April, 2013, has given managements plenty of time to reposition to reflect the lower prices. Dividends have been slashed, and capex and cost reductions continue. As a result, he figures Barrick and Newmont can now withstand gold prices as low as $1,050 per ounce and copper at $2.20 per pound in 2016 and still keep net debt flat. "While higher real interest rates and/or a strengthening USD remain short-term headwinds, China's decision to devalue could offer support for gold and more specifically precious equities," the analyst said, adding the yuan's drop is a poignant reminder of gold's store-of-value aspect.