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Analyst Actions: CIBC World Markets Upgrades Yamana Gold, Raises Price Target

CIBC World Markets analyst Alec Kodatsky upgraded Yamana Gold Inc. (YRI.TO) to "sector outperformer" after the company reported solid quarterly results, with record production led by its El Penon mine in Chile, the Globe & Mail reported.

Yamana's Mercedes mine in Mexico is ramping up smoothly and is exceeding his expectations. "Yamana has demonstrated, through this mine, the ability to successfully bring assets into production. This should give the market a level of comfort about the next three growth projects," Kodatsky said.

Kodatsky raised his price target by $5 to $28 (U.S.).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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