Perseus Mining's (ASX:PRU) growth projects are underpinned by an "excellent" balance sheet, and executing "well" on value-accretive acquisition deals, Euroz Hartleys said in a Friday note.
The company recently reported group gold production of 121,605 ounces for the March quarter, down from production of 127,471 ounces last year, while it maintained its full fiscal year gold production guidance of 469,709 ounces to 504,709 ounces at an all-in-sustaining cost of $1,250 per ounce to $1,280 per ounce.
The research firm noted that the company is tracking "well" to achieve fiscal half guidance of 215,000 ounces to 220,000 ounces at an all-in-sustaining cost of $1,350 per ounce to $1,435 per ounce.
Euroz Hartleys maintained its buy recommendation on Perseus Mining with a raised price target of AU$4.20 from AU$3.95.
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