BMO Capital Markets on Tuesday reiterated its outperform rating on the shares Osisko Development (ODV.V) while cutting its price target to C$6.00 from C$7.00 after the company released a feasibility study for its Cariboo gold project in British Columbia.
"Yesterday's optimized Feasibility Study defines a development plan for the Cariboo mine, which is one of the few permitted development projects globally. The market will now be watching for progress in securing a financing package ahead of a H2 2025 construction start. Updating our model to reflect the update, our target price decreases to $6.00 (from $7.00) primarily due to inflation in operating and capital costs. We expect Osisko Development is on a trajectory to earn stronger market valuations as the project moves into construction - watch this space," analyst Andrew Mikitchook 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: 2.33, Change: -0.01, Percent Change: -0.43
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