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AuRico, Osisko upgraded at Credit Suisse

Oct. 07, 2013 11:57 AM ETAuRico Gold (AUQ) StockAUQ, OBNNFBy: Carl Surran, SA News Editor
  • AuRico Gold (AUQ +3.2%) and Osisko Mining (OSKFF.PK +6.2%) are upgraded to Outperform from Neutral by Credit Suisse.
  • The firm notes that AUQ has changed management, transformed its asset base divesting higher cost mines to lower costs mines, revised expectations, and has delivered against targets; market hesitation remains, providing an attractive entry point.
  • Osisko's Malartic project is progressing to full production, costs are improving to levels in line with the sector average, liquidity is no longer an immediate concern, and its valuation remains attractive.
  • Despite the upgrade, the firm cuts its price target for AUQ to $5 from $5.50; it raises its target for Osisko to $7 from $6.

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