Inside the Market’s roundup of some of today’s key analyst actions
) in “liquidity limbo” after entering into into a confidentiality agreement with Fujairah Holding LLC in connection with its bid to acquire the company, Canaccord Genuity analyst Michael Fairbairn lowered his recommendation to “hold” from “speculative buy” previously.
Despite a $27-million non-brokered private placement in early April, Mr. Fairbairn thinks a near-term funding gap remains as Asante continues to ramp up its Bibiani mine, make payments to Kinross Gold Corp. for Chirano and pay various other creditors.
“We increased our 2023 forecast to reflect the Q1 recoveries and the new funding outlook, offset by higher interest costs,” said Mr. Woolley. “Our forecasts will vary as the Axium/Revera transactions close in Q3, and EXE’s asset mix changes.” Elsewhere, RBC Dominion Securities’ Pammi Bir also raised his target to $7.50 from $7 with a “sector perform” rating.After “solid” first-quarter results, RBC Dominion Securities analyst Greg Pardy reaffirmed his constructive stance toward), citing “its long life-low decline upstream portfolio, cash flow diversification via its refining and chemical segments, strong balance sheet, free cash flow generation, abundant shareholder returns and impressive operating performance in recent years.
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