Centerra Gold downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Centerra Gold (CGAU) to Market Perform from Outperform with a price target of C$10, down from C$14. The company reduced its 2025 guidance amid operational volatility at Mt Milligan and cost increases at Oksut, the analyst tells investors in a research note. BMO believes Centerra’s decision to greenlight the Goldfield project is unlikely to excite investors as it significantly lowers the the company’s free cash flow profile in the near-term.