As previously reported, Credit Suisse analyst Fahad Tariq started coverage of Kirkland Lake Gold with a Neutral rating and $47 price target. Though he appreciates the company's growing production, long-term exploration upside at Fosterville and Macassa, and bottom-quartile cost profile that results in substantial free cash flow, the analyst is cautious on the stock based on the valuation. Tariq does not anticipate future discoveries at Fosterville will necessarily match the high Swan Zone grades, and therefore, the upside potential, while still there, does not seem as exciting at the current stock price.