Beyond Salares Norte: BMO Upgrades Gold Fields Despite Project Delays
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 26 2024
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Source: Benzinga
- BMO Capital Markets Analyst Upgrade: Analyst Raj Ray upgraded Gold Fields Limited to Market Perform from Underperform and increased the price target slightly.
- Reasons for Upgrade: The upgrade is based on revised gold price forecasts, operational consistency, and new management's efforts to enhance productivity.
- Challenges Faced by Gold Fields: Gold Fields has faced challenges such as delays in ramping up the Salares Norte project in Chile, guidance revisions, and operational fluctuations.
- Financial Forecast Changes: The analyst raised the EPS forecast for FY24 and FY25 compared to consensus and street views.
- Investment Opportunities: Investors can gain exposure to Gold Fields Limited through VanEck Gold Miners ETF GDX and Themes Gold Miners ETF AUMI.
Analyst Views on GDX
Wall Street analysts forecast GDX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GDX is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
