IAMGold price target raised to $6.40 from $5.40 at CIBC

CIBC raised the firm’s price target on IAMGold (IAG) to $6.40 from $5.40 and keeps a Neutral rating on the shares. The firm note that on October 15-16, IAMGold hosted a site tour for analysts and investors at its Cote mine in Northern Ontario. Ahead of the tour, IAG released a Q3/24 preliminary operational update and noted that Cote will likely hit the low end of its production guidance of 220koz-290koz. After modelling the updates from Q3/24 preliminary results released ahead of the tour, in addition to other adjustments from the site presentation, the firm’s IAG NAV5% decreases to $5.59/share from $5.74/share.