BMO Capital Markets on Wednesday upgraded its rating on the share of Centerra Gold (CG.TO, CGAU) to outperform from market perform while raising its price target to C$32.00 from C$20.00 after the company released a preliminary economic assessment for its Kemess project in British Columbia.
"Centerra announced the results of a preliminary economic assessment (PEA) for its Kemess gold-copper brownfield project in British Columbia, Canada. Kemess is a relatively low capital intensity, long-life asset that offers attractive economics and adds critical mass/growth to Centerra's North American portfolio alongside the flagship Mt Milligan copper-gold operations. Following the Kemess PEA results we are increasing target price to C$32.00/sh (was C$20.00/sh) and upgrading Centerra to Outperform on the improved growth outlook," analyst Raj Ray wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 24.71, Change: -0.29, Percent Change: -1.16
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