On September 17, Equinox Gold Corp. rose 5.57% in regular trading, trading at $12.225 per share, with turnover of approximately $59.57 million. The rally was driven by a combination of an analyst target price upgrade and broad strength across the gold mining sector.
Royal Bank of Canada raised its price target on Equinox Gold Corp. to $14 from $13, maintaining an Outperform rating. According to FactSet, analysts collectively assign the stock an average Buy rating with a mean target price of $17.07, implying significant upside from current levels. The upgrade comes amid a string of positive developments, including the completion of the merger with Orla Mining on July 31, which consolidated Equinox as the surviving entity, and the receipt of a key federal Record of Decision from the US Bureau of Land Management for its South Railroad project in Nevada — an open-pit heap leach mine expected to produce an average of 130,000 ounces of gold annually in its first five years, with initial capital costs estimated at $395 million and first production targeted for 2028.
Within the Gold sector, peers also posted gains, with Coeur Mining up 6.09%, Agnico Eagle Mines up 2.76%, Barrick Mining Corporation up 2.71%, Newmont Mining up 2.69%, and Anglogold Ashanti up 2.56%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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