01:05 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $2 to $19, on an EV/EBITDA of 5.9x our 2025 EBITDA estimate, a discount to GOLD's three-year avg. forward EV/EBITDA of 6.2x and below peers' avg. forward EV/EBITDA of 6.3x. We raise our 2024 EPS estimate by $0.16 to $1.17 and our 2025 forecast by $0.08 to $1.39. GOLD posted Q1 adj. EPS of $0.19 vs. $0.14, $0.04 above consensus, on in-line sales. The Q1 avg. realized gold price was $2,075 per ounce, up $89/oz Q/Q and up $173/oz Y/Y. We expect the Q2 avg. gold price to be around $2,334/oz, or up $259/oz sequentially. Although the gold price has appreciated 11.5% YTD, GOLD shares are down 8.6% YTD and we think GOLD will benefit from a catch-up trade. Investors have been avoiding gold miners due to mining cost inflation, but we think the worst of cost inflation is largely behind gold miners. There are some costs that are variable, but a large percentage of costs are fixed and GOLD is poised to benefit from operating leverage as gold production ramps up throughout 2024.