After a dismal autumn season in which its share price value dropped more than 50%, Semafo Inc. (SEMFF.PK) appears to be back on track now that winter is officially here. Through early afternoon trading on Wednesday, the stock gained more than 11% and looked set to rise for the fifth consecutive trading day.
Semafo, who announced during the holidays that the plant start-up at its Mana gold project is still scheduled for mid-February 2008, received an upgrade on Monday from Blackmont analyst Richard Gray. Mr. Gray rated the stock a "buy" (up from 'hold'), and left his C$1.50 price target unchanged.
"The sell-off in the shares (equity issue fall-out, weak Q3 results) over the past two months has made the stock attractive to accumulate," he said in a note to clients.