The Globe and Mail reports in its Saturday, Oct. 1, edition that with gold stocks having been "hit hard" by the recent market sell-off, Citi analyst Alexander Hacking sees "an opportunity for investors to accumulate." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking says in a note: "Citi's commodity team is broadly bullish on gold expecting prices to rebound above $1,900/oz by mid-2023 [(all figures U.S.)]. Gold has held above $1,600/oz despite real yields moving about 1.5 per cent (normally associated with $1,200/oz) -- which is also a bullish sign, in our view." Mr. Hacking continues to rate Newmont "buy." He cut his share target by $40 to $100. Analysts on average target the shares at $60.77. Mr. Hacking adds: "The stock has underperformed year-to-date based on higher costs/capex disclosed with 2Q results. That said, we continue to see 3- to 5-per-cent yield as sustainable, which remains relatively attractive, in our view." he Globe reported on July 28 that National Bank analyst Mike Parkin upgraded Newmont to "outperform" from "sector perform." It was then worth $45.81.
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