Canaccord Genuity lifted its long-term price outlook for gold and silver
Canaccord Genuity praised commodities today, raising its long-term price outlook for gold and silver and lifting its price objective on several mining names, including Canada-listed stocks Kinross Gold Corp (NYSE:KGC) and Barrick Gold Corp (NYSE:GOLD) and U.S.-based Newmont Corporation (NYSE:NEM). Below, let’s take a look at how these stocks are responding.
NEM is leading the bunch, last seen up 1.7% to trade at $58.54, after the firm lifted its price target to $66 from $59. Shares yesterday hit a two-year high of $58.71 after bouncing off a pullback to the 40-day moving average, and are now trading firmly above former resistance at $56. In the last 12 months, NEM added over 52%.
KGC notched a roughly 12-year high of $10.82 last session after rallying off a floor of support at the $9.20 level. The security is up 1.2% to trade at $10.67 at last glance, and now sports an impressive 99% year over year lead, with a 76.3% gain amassed just this year.
GOLD was last seen up 1.5% to trade at $21.17, fresh off its own two-year peak of $21.34 in the last session. The 60-day moving average helped fuel those gains, which contributed to the stock’s 27.9% year-over-year lead.