The Globe and Mail reports in its Friday edition that National Bank Financial analyst Mike Parkin continues to rate Oceanagold "outperform," with a $4.25 share target. The Globe's David Leeder writes that analysts on average target the shares at $4.10.
Mr. Parkin says in a note: "We continue to believe Oceanagold is performing well operationally and is set to deliver significant growth in 2024 primarily through the ramp up of the Haile underground mine. We recently visited the mine during 1Q23 and came away encouraged by what we saw. The strong production growth coming next year drives, by our estimates, a significant increase in EBITDA year-over-year (up 27 per cent), and based on the current share price, shows the potential for Oceanagold's share price to move significantly higher if LTM FY1 EV/EBITDA trading multiplies are maintained. We also like the company for the numerous best-practice improvement initiatives being rolled out at the Haile gold mine by the new leadership team." The Globe reported on Feb. 11, 2022, that Scotia Capital rated Oceanagold "sector outperform." It was then worth $1.93. The Globe reported on Jan. 27, 2023, that CIBC rated Oceanagold to "outperformer." It was then worth $2.99.
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