BUZZ-TD Cowen sees robust Q2 for gold miners, raises PT

Reuters
07-16
BUZZ-TD Cowen sees robust <a href="https://laohu8.com/S/QTWO">Q2</a> for gold miners, raises PT

** TD Cowen expects a strong quarter for gold companies, with record margins supported by high metals prices

** Adds that given the recent discipline shown by producers, it expects record free cash flow

** Brokerage remains positive on the sector, with the U.S. Federal Reserve expected to continue easing interest rates, and mounting geopolitical uncertainty

** Brokerage forecasts record margins in Q2 and cumulative free cash flow of $3.8 billion

** It expects the recent increase in capital returns (both buybacks and increased dividends) to continue, which should help boost sector valuations

Brokerage changes price target on the following companies:

Company

New PT

Old PT

Upside to stock's last close

Agnico Eagle Mines AEM.N

$152

$135

27.7%

Barrick Mining B.N

$30

$27

42.7%

Alamos Gold AGI.TO

C$48

C$45

32%

Newmont NEM.N

$64

$59

11.6%

Kinross Gold KGC.N

$22

$19

42.8%

K92 Mining KNT.TO

C$19

C$18

15.1%

G Mining Ventures GMIN.TO

C$28

C$25

66.8%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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