A number of large- and mid-cap gold mining companies were the subjects of bullish commentary by Wall Street analysts on Tuesday after recently announcing positive operational results.
Eldorado Gold (ELD.TSX, NYSE: EGO) was reiterated with a Buy rating a C$20.00 price target by TD Securities analyst Steven Green following the Company’s analyst tour of its mines in Turkey and Greece.
Green wrote in his report to clients that “Overall we believe the site visits in Greece and Turkey over the last two weeks were highly successful in demonstrating significant support for the development of these projects in Greece…we believe they are well positioned to deliver on this growth.”
IAMGOLD’s (IMG.TSX, NYSE: IAG) Buy rating and $17.00 target were reaffirmed by Scotia Capital analyst Tanya Jakusconek following the Company’s new resource estimate at the Côté Gold project in northeastern Ontario, Canada.
Scotia wrote in its note to clients that “The new resource showed a 20% increase in total ounces while moving higher-grade ounces from the inferred into the indicated category. A further update to the resource estimate is expected with the year-end Mineral Reserve and Resource Statement; this will focus on upgrading inferred resources to the indicated resource category.”
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Nevsun Resources (NSU.TSX, AMEX: NSU) was reiterated with a Buy and C$4.50 target by GMP Securities after reporting third quarter gold production of 98,000 ounces – above GMP’s 69,700 ounce estimate.
Lastly, Timmins Gold (TMX.TSX) was reaffirmed at Buy with a C$3.40 target by M Partners after reporting third quarter production of 25,153 ounces of gold.
Despite the positive results, each of the aforementioned gold stocks sector turned lower alongside precious metals and the broader equity markets in mid-day trading on Tuesday.
The Market Vectors Gold Miners ETF (GDX) – the sector’s largest ETF – slid $0.67, or 1.3%, to $52.56 per share; COMEX gold futures dropped $8.20, or 0.5%, to $1,767.50 per ounce; and the S&P 500 Index fell 11.94 points, or 0.8%, to 1,443.93.
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