** Scotiabank raises price target on several gold miners ahead of third-quarter earnings
** Brokerage expects Q3 margins to be higher y-o-y and expects them to expand further in the fourth quarter with stronger operating performance
** Main driver for margin expansion is higher gold prices - Scotiabank
** "Heading into (Q3) reporting, we are generally in line with consensus on both financial and operating forecasts for most companies"** Newmont NEM.N and Barrick Mining ABX.TO are expected to have flattish/slight operational improvement sequentially - Scotiabank
Brokerage changes PT on the following companies:
Company | New PT | Old PT | Upside/Downside to stock's last close |
AngloGold Ashanti AU.N | $90 | $55 | 35% |
Barrick Mining B.N | $43 | $27.5 | 36.4% |
IAMGOLD IAG.N | $15 | $8.5 | 24.5% |
Newmont NEM.N | $114 | $71.5 | 31% |
Agnico Eagle Mines AEM.N | $219 | $150 | 33.95% |
(Reporting by Varun Sahay)
((Varun.sahay@thomsonreuters.com))