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Peter Marrone, chairman and CEO of Yamana Gold.Glenn Lowson/The Globe and Mail

Inside the Market's roundup of some of today's key analyst actions. This file will be updated during the trading day.

Yamana Gold Inc. missed its full-year earnings targets but its shares "have responded strongly on the view that Yamana has turned the corner," said Canaccord Genuity analyst Tony Lesiak.

"Yamana appears to have made significant progress in advancing its development assets; higher-cost mines Gualcamayo and Jacobina appear to be turning the corner, and general market sentiment has improved," he wrote in a research note. Recent merger-and-acquisitions activity and a share price that has underperformed its peers by 13 per cent year-to-date have also increased interest in the stock, he said.

Yamana said that costs in 2014 would be stable, despite new higher-cost production, "suggesting that the cost-savings program is bearing fruit," Mr. Lesiak said. He also noted that Yamana uses one of the sector's most conservative gold price assumptions of $950 (U.S.) per ounce when valuing its reserves.

Mr. Lesiak rates the stock "buy" and raised his price target to $12.25 (Canadian) from $11.50. The analyst consensus price target over the next year is $11.75, according to Thomson Reuters.

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Toromont Industries Ltd. results missed expectations, with a fourth-quarter revenue drop of 6 per cent and a 25 per cent decline in earnings per share, while its backlogs continued to trend downward, said Cantor Fitzgerald analyst Peter Prattas.

"The outlook states that the company does not anticipate its mining segment repeating the equipment deliveries seen in 2013 again this year," Mr. Prattas wrote in a research note, referring specifically to an $82-million delivery in Baffinland during the third quarter.

"We lower our 2014 EPS estimate to $1.68 from $1.82 while we introduce our 2015 estimate of $1.80. Consensus figures before the earnings release for 2014 and 2015 were at $1.74 and $1.85, respectively."

Mr. Prattas rates the stock "hold" and cut his price target to $26.00 from $28.00. The analyst consensus price target over the next year is $27.45.

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Lundin Mining Corp. operations will continue to perform well in the near term, said Desjardins Securities analyst Jackie Przybylowski, after attending a presentation that highlighted the miner's expansion opportunities at its Tenke Fungurume site.

The company and its partners are evaluating a long-term expansion at the copper mining site that would "expand capacity by debottlenecking the front end of plant operations," she said. The expansion would cost $500-million to $700-million (U.S.) and take 18 to 20 months to complete.

Ms. Przybylowski rates the stock "buy" and raised her target price to $6.00 (Canadian) from $5.20 per share. The analyst consensus price target over the next year is $5.56.

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A head-turning valuation and a reputation for disciplined management practices have resulted in a ratings upgrade for Ensign Energy Services Inc.

CIBC World Markets analyst Jon Morrison says the 8.9 per cent drop in Ensign's shares since Nov. 1 (compared to the 4.1 per cent return for the CIBC Oilfield Services Index) make for a "compelling" valuation.

Additionally, Mr. Morrison cites the company's "well-earned reputation for being one of the most conservatively managed services companies in Canada," with long-term ROIC, consistent dividend growth and steady expansion throughout cycles.

He is upgrading Ensign to "outperformer" from "sector performer" and increasing his price target to $21.50 from $20.50. The analyst consensus price target is $19.13, according to Thomson Reuters.

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RBC Capital Markets analyst Dan Rollins says there's lots to like about New Gold Inc., but is cutting his price target on the miner nonetheless.

Mr. Rollins cites New Gold's low geopolitical risk profile, strong management team and consistent strategy as strong positives. However, after incorporating the company's 2013 guidance, updating reserves, and incorporating mine-by-mine specific changes, his net asset value per share estimate has declined 12 per cent to $4.02.

Mr. Rollins maintains his "outperform" rating and is cutting his price target to $6.50 from $7. The analyst consensus price target is $7.42, according to Thomson Reuters.

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