BUZZ- Stifel initiates coverage on Equinox Gold with 'buy' rating
Stifel initiates coverage on Equinox Gold with a 'buy' rating and sets a price target of C$24, indicating a 22.6% upside. Operational improvements and new Canadian mines are expected to boost production and cash flow. TD Cowen also raises its price target to C$22. All 10 brokerages rate the stock as 'buy', with a median price target of C$22.25. Equinox Gold shares have risen 171.1% YTD.
Brokerage Stifel initiates coverage with “buy” rating for Canadian gold miner Equinox Gold (EQX.TO) and sets price target at C$24
The new PT represents upside of 22.6% to the stock’s last close
Brokerage says the company is set for a valuation boost as operational improvements and its expanded Canadian portfolio drive production and cash flow growth
Brokerage says two new Canadian mines position EQX for longer cash flow and strengthen its path to becoming a top-three Canadian gold producer
“We expect operational improvements to drive improving margins in Canada coupled by growing production as both Greenstone and Valentine ramp-up production,” - Stifel
Brokerage TD Cowen also raises PT to C$22 from C$20; implying an upside of 12.4% to the stock’s last close
All 10 brokerages covering the stock rate it “buy”, with median PT is C$22.25 - data complied by LSEG
Up to last close, shares up 171.1% YTD
