i-80 Gold downgraded to Sector Perform from Outperform at National Bank

National Bank downgraded i-80 Gold to Sector Perform from Outperform with a price target of C$2.25, down from C$3.50. The firm incorporated revised commodity price assumptions as part of its Precious Metals Price Update, noting that with real interest rates declining throughout the year, along with continued heightened geopolitical risk and central banks remaining net purchasers of gold, it is seeing gold/silver prices responding positively, up 26% and 28% year-to-date, the analyst tells investors in a research note. National Bank adds however that following a period of share price outperformance, it is normalizing its expectations for asset development in light of the company balance sheet and existing obligations.