Movement Alert｜Alamos Gold Falls 6.83% in Regular Trading, BofA Slashes Price Target to $39 from $50

Market Focus07-09

On July 9, Alamos Gold fell 6.83% in regular trading, trading at $28.49/share, with turnover of $103 million. The decline was primarily triggered by BofA Securities significantly lowering its price target on the stock to $39 from $50, a 22% reduction, while maintaining a Buy rating.

The downgrade adds to a series of recent target price cuts from major institutions. RBC previously reduced its target to $52 from $63, TD Securities lowered to $61 from $78, and CIBC cut to C$82 from C$90. The company's first-quarter adjusted EPS of $0.55 missed the analyst consensus estimate of $0.63 by 12.7%, further weighing on sentiment despite a year-over-year revenue increase to $596.7 million.

The broader gold mining sector saw significant selling pressure, with Coeur Mining down 6.2%, Agnico Eagle Mines down 5.0%, Barrick Mining down 4.35%, Pan American Silver down 4.71%, and Newmont Mining down 3.08%. Alamos Gold is scheduled to report second-quarter results on July 29, with consensus EPS estimated at $0.51.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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