CIBC Capital Markets raised its price target on Centerra Gold Inc. (CG.TO) to $30 from $21.

Analyst Luke Bertozzi maintained an Outperformer rating on shares of the Canadian-based gold mining company.

"The Kemess Preliminary Economic Assessment (PEA) was broadly in line with our expectations, outlining a project of similar scale to Mount Milligan, despite only including 47% of total resources," Bertozzi said in a note to clients.

"The headline NPV of $1.1 Billion was in line with our forecast and was materially ahead of consensus of $300 Million," the analyst said.

"Overall, we view the study as a constructive step that improves visibility and supports our thesis that Kemess could become a second cornerstone asset for Centerra, offering meaningful longer-term exposure to gold and copper."

(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)