Kinross Gold double downgraded to Underperform at BofA after rally

As previously reported, BofA downgraded Kinross Gold to Underperform from Buy with an unchanged price target of $4.70. The firm’s commodities team is bullish gold, but gold prices have reached substantial technical resistance and BofA sees potential seasonal weakness before strength in the second half of the year. Meanwhile, Kinross shares have appreciated 23% year-to-date amid the gold price rally and reached the firm’s price objective. The firm additionally thinks Q1 results could be operationally weak owing to the tie-in at Tasiast and sharply higher cost at the U.S. mines.