While I do enjoy the quiet PIR forums (not being sarcastic) I thought I would interrupt with a word from our friends at GS. We should all know by now that GS are bearish on POG for 2014, from memory, I think they said ~10% decline from todays prices. Other companies are also mentioned for those that are interested.
This is out of the AFR and I have summarised:
Beadell Resources (BDR) at “conviction list buy” as we believe BDR’s sole operation, Tucano (Brazil), is low cost, high margin, generates strong free cash flow and is best placed amongst the peer group.
Alacer Gold Corp (AQG) up to “buy” on underlying value and recent underperformance
Upgraded Newcrest Mining (NCM) to “neutral”
Downgraded OceanaGold Corporation (OGC) to “neutral”
“We initiate on Papillon (PIR, $0.95 TP) & Northern Star (NST, $0.71 TP) in the junior gold space at “neutral” given insufficient valuation upside to warrant a more positive view.”
PIR Price at posting:
99.5¢ Sentiment: None Disclosure: Held
