The Globe and Mail reports in its Tuesday edition that Canaccord Genuity analyst Jeremy Hoy assumed coverage on Monday on Wesdome Gold Mines with a "hold" recommendation following the departure of a colleague. The Globe's David Leeder writes that Mr. Hoy set a share target of $8. Analysts on average target the shares at $9.72. Mr. Hoy says in a note: "We like Wesdome for its portfolio of high-grade assets in low-risk jurisdictions, track-record of exploration success, and near-term growth potential driven primarily from the Kiena Mine. That said, our 'hold' recommendation reflects the operating challenges that WDO faced in 2022, reducing our near-term production and FCF expectations and increasing WDO's balance sheet risk. Specifically, ground conditions at Kiena and grade variability at Eagle's high-grade Falcon Zone drove production and cost weakness, pinching the company's FCF generation and balance sheet. We also believe these challenges, which drove negative guidance revisions in 2022 and weak full-year guidance for 2023, may tarnish WDO's premium trading multiple until the company demonstrates several consecutive quarters of stable operating performance; though we note WDO had a solid first quarter in 2023."