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Fly News Breaks for May 6, 2019
IAG
May 6, 2019 | 20:15 EDT
BMO Capital analyst Andrew Kaip downgraded IAMGold to Market Perform and lowered his price target to $3.50 from $5.00 after its Q1 gold production of 185K oz, which is below his forecast of 204K oz. The analyst attributes the undershoot to the technical issues at the company's Westwood site and expects these issues to persist, which he believes could risk IAMGold's FY19 production outlook. Kaip contends that any "positive momentum" from the ramp-up of Saramacca would be "overshadowed" by Westwood concerns.
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