IAMGold upgraded to Outperform from Sector Perform at National Bank

National Bank upgraded IAMGold to Outperform from Sector Perform with a price target of C$11, up from C$8.50. 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 a large portion of the company’s ramp-up challenges at Cote are now likely in the rearview mirror after the company completed a planned multi-day shutdown in September to address the long-term availability of the plant, while it expects to complete a second major shutdown in October which is aimed at addressing the bulk of what was not addressed in the September shutdown.