Roth Capital analyst Jake Sekelsky maintained a Neutral rating on Kirkland Lake (KL) and reduced his price target to $37 from $45 following 2019 results that were "generally in-line," along with 2020 guidance. The analyst noted that the recently acquired Detour Lake mine is added into the 2020 guidance, and he is remaining conservative and modeling "relatively flat production over the project's mine life until more visibility on growth plans is available." Sekelsky also moderated long-term expectations at Fosterville due to a year-over-year drop in reserves and grades. The analyst sees Kirkland Lake continuing to generate strong cash flow at current gold prices, and believes exploration success will be a primary driver of value going forward.