IAMGold upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded IAMGold (IAG) to Outperform from Sector Perform with a price target of $14, up from $9. The firm notes that while the company’s Cote mining has essentially reached nameplate capacity, its focus is now shifting to longer term upside from Gosselin, expansion, and potentially Nelligan/Monster Lake, the analyst tells investors in a research note. RBC adds that it is now modeling $2.5B in free cash flow on a 15% increase in gold price forecast to $3,550 from $3,100 through FY30.