RBC Capital analyst Tyler Broda downgraded Randgold to Underperform from Sector Perform and lowered his price target to GBp4,900 from GBp6,200. Broda notes that while Randgold has some positives such as a strong balance sheet, a high dividend and a disciplined track record on acquisitions, its attributable production has reached peak levels as its Tongon site is reaching the end of its life and growth from Massawa is uncertain. The analyst further attributes his rating revision to enhanced operating risks in Africa and the uncertainty around the cash flows from the Kibali mine in the Congo.