TD Cowen raises PT on gold, silver miners
** Brokerage TD Cowen raises price targets on several precious-metal miners
** TD Cowen expects a strong Q3 given record-high gold prices and relatively flat cost expectations
** Geopolitical instability in the Middle East, U.S. Fed rate cuts, safe-haven flows, central bank buying and a weakening U.S. dollar are all contributing to bringing gold to multiple record highs in Q3 - TD Cowen
** Brokerage expects to see continued margin expansion for gold prices in the second half of the year
** Expects silver to have more room to run as the U.S. Fed continues to cut rates, which should help spur manufacturing demand
Brokerage raises PT on the following firms:
Company | New PT | Old PT | Rating |
Barrick Gold Corp GOLD.N | $27 | $25 | BUY |
Newmont Corp NEM.N | $57 | $48 | HOLD |
Agnico-Eagle Mines AEM.N | $105 | $91 | BUY |
Kinross Gold Corp KGC.N | $13 | $11 | BUY |
B2Gold Corp BTO.TO | C$7.50 | C$6.50 | BUY |
Alamos Gold Inc AGI.TO | C$35 | C$31 | BUY |
Lundin Gold Inc LUG.TO | C$38 | C$27 | BUY |
Pan American Silver PAAS.N | $28 | $27 | BUY |
First Majestic Silver AG.TO | C$9.50 | C$7.50 | HOLD |
Endeavour Silver Corp EDR.TO | C$7.50 | C$7 | BUY |
MAG Silver Corp MAG.TO | C$25 | C$22 | BUY |
Hecla Mining HL.N | $8.50 | $8 | BUY |
Reporting by Pooja Menon in Bengaluru
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