Inside the Market’s roundup of some of today’s key analyst actions
Ahead of third-quarter earnings season in the precious metals sector, equity analysts at National Bank Financial Markets remain constructive on spot gold prices over the next year, however they warn of near-term volatility.
“At the time of writing, we have conviction in Pan American Silver and Torex Gold missing Bloomberg consensus Adj. EPS estimates, while we expect Agnico Eagle, Kinross and Lundin Gold to beat. Details behind our conviction calls are laid out later in this report.” With the cancellation of the pipeline, Mr. True thinks Canacol “loses a significant growth catalyst,” and he now sees three “critical” area it needs to address: its free cash flow profile over the coming years; a decision on its dividend and “better colour” on growth opportunities moving forward.
“In our view, sellside consensus estimates do not appear to properly reflect the upcoming global minimum tax change and 2024 EPS estimates could be revised downward in the coming months,” he said.
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