Inside the Market’s roundup of some of today’s key analyst actions
) operations have “rebounded nicely” following the late August labour disruption and its valuation is now “inexpensive relative to history, the peer group, and versus CP.”
“While we expect Q3 to be negatively affected by a weak volume backdrop and some one-off operating challenges, recent performance metrics point to a meaningful improvement in O/R in Q4, which we believe sets the stage for EPS outperformance in 2025,” he said. “With real rates declining throughout the year, continued heightened geopolitical risk and central banks remaining net purchasers of gold, we have seen gold/silver prices respond positively, up 26 per cent and 28 per cent year-to-date, respectively, and we remain bullish on the precious metals outlook going into year-end on the same basis,” they said.
“We would also note that several companies are guiding to a back-half weighted production year , which we expect to drive strong FCF growth quarter-over-quarter and also thanks to the gold price continuing to set new all-time highs,” they said.Analyst Don DeMarco: “We are upgrading to Outperform after revising our gold price deck with a materially higher long-term gold price ...
“Last quarter heading into Q2/24 results, we believed the sector was poised for a bounce given the notable year-to-date underperformance,” he said. “The sector did indeed bounce in Q3/24 driven by what we believe were a further easing of interest rate expectations and initial signs of a stabilization in wireless pricing.
For investors, he thinks additional upside in the sector requires “more evidence that overall industry revenue growth is at, or is close to, a year-over-year trough along with better visibility on what a revenue recovery for the industry could look like in 2025.”
Sector Growth Target Gold Valuation Company Revenue SLF Barrick Gold First Quantum Minerals Ltd.
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