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Iamgold upgraded at BMO on Côté construction delay

Jan. 29, 2019 3:45 PM ETIAMGOLD Corporation (IAG) Stock, IMG:CA StockIAGBy: Carl Surran, SA News Editor4 Comments
  • Iamgold (IAG +5.8%) climbs as much as 6% after BMO Capital upgrades shares to Outperform from Market Perform with a $5 price target, raised from $3.75, praising its decision to wait for improved market conditions before proceeding with construction of the Côté gold project.
  • BMO analyst Andrew Kaip says "incremental value additions" are more beneficial while IAG "works to gain a social license for advancing the Côté gold project under more appropriate market conditions."
  • Kaip says IAG can continue to focus on initiatives at existing operations that he considers "representative of the short-cycle capacity of the company."

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