CIBC Issues Positive Forecast for OceanaGold (TSE:OGC) Stock Price

Key Points

• CIBC has increased its target price for OceanaGold (TSE:OGC) from C$30.00 to C$50.00, indicating a potential upside of 51.33% from its previous close.
• Other brokerages, including TD Securities and Scotiabank, have also upgraded their ratings and target prices for OceanaGold, reinforcing a consensus rating of "Buy."
• OceanaGold's shares saw an increase to C$33.04, with a market capitalization of C$7.64 billion and a price-to-earnings ratio of 20.91.

OceanaGold (TSE:OGC - Get Free Report) had its target price hoisted by equities researchers at CIBC from C$30.00 to C$50.00 in a research report issued on Friday,BayStreet.CA reports. CIBC's price objective would suggest a potential upside of 51.33% from the stock's previous close.

A number of other brokerages have also commented on OGC. TD Securities raised OceanaGold from a "hold" rating to a "buy" rating and raised their price target for the company from C$22.00 to C$30.00 in a report on Monday, September 8th. Raymond James Financial raised OceanaGold to a "moderate buy" rating in a report on Monday, June 30th. Scotiabank raised their price target on OceanaGold from C$6.50 to C$20.50 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Canaccord Genuity Group raised their price target on OceanaGold from C$25.00 to C$36.00 in a report on Thursday, October 2nd. Finally, Royal Bank Of Canada lifted their target price on OceanaGold from C$28.00 to C$34.00 in a report on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of C$28.53.

OceanaGold Price Performance

Shares of OGC traded up C$0.35 during trading hours on Friday, reaching C$33.04. 428,482 shares of the company's stock traded hands, compared to its average volume of 820,093. The firm has a market capitalization of C$7.64 billion, a price-to-earnings ratio of 20.91 and a beta of 1.33. OceanaGold has a twelve month low of C$10.68 and a twelve month high of C$33.89. The business's fifty day simple moving average is C$26.09 and its two-hundred day simple moving average is C$20.35.

OceanaGold Company Profile

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

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