IAMGold upgraded to Buy at Canaccord on increased Cote confidence

As previously reported, Canaccord upgraded IAMGold (IAG) to Buy from Hold with a price target of C$10.50, up from C$7.75, citing recent improvements in gold prices and ramping production at a mine. “Gold cycles often run longer than a year, and we believe the monetary easing cycle is just getting started,” says the analyst, who adds that gold equities have been “closing the gap with gold,” and also cites “increased confidence” in the ramp up of the Cote mine after a site visit.