Jefferies upgraded Kinross Gold (KGC) to Buy from Hold with a price target of $18, up from $14, implying 18% upside. The main reason for the upgrade is Kinross’ “impressive” free cash flow yield in 2025 and 2026, which sets it apart from its senior gold peers and allows for increased buybacks, the analyst tells investors in a research note. The firm thinks the company can repurchase 11% of its market cap in 2025 and 2026. Other reasons for the upgrade include a clear line of sight on 2M ounces of gold production in 2026 and resource upside at Great Bear, contends Jefferies.
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