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Thursday, September 9, 2010

Canaccord Maintains "Buy" on Kinross (NYSE:KGC)

Canaccord Genuity said it is maintaining its "Buy" rating on Kinross Gold (NYSE:KGC), while raising their price target to $24.50.

"Raising our rating and PT based on additional information provided regarding Kinross’ preliminary development plans and view of the conceptual resource potential at Tasiast. Our updated analysis indicates that the Red Back acquisition is likely to be accretive to our valuation," said Canaccord's analyst.

Questions have been raised in some quarters on whether or not the resources "hidden" in Tasiast are as deep as asserted.

If not, it is thought Kinross will only break even on the deal at the price they bid for Red Back Mining (TSE:RBI).

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