Wesdome Gold Mines (TSE:WDO) Upgraded to "Buy" at Stifel Nicolaus

Key Points

• Wesdome Gold Mines has been upgraded from a "hold" to a "buy" rating by Stifel Nicolaus, with a new target price of C$28.00, indicating a potential upside of 18.29%.
• Other analysts have also raised their price targets, with Canaccord Genuity increasing theirs from C$21.50 to C$22.50 and CIBC from C$24.00 to C$27.00.
• The company's current stock price is C$23.67, amid trading activity of 326,797 shares, contrasting with its average volume of 626,519.

Wesdome Gold Mines (TSE:WDO - Get Free Report) was upgraded by investment analysts at Stifel Nicolaus from a "hold" rating to a "buy" rating in a report issued on Monday,BayStreet.CA reports. The firm currently has a C$28.00 target price on the stock, up from their prior target price of C$20.50. Stifel Nicolaus' price objective points to a potential upside of 18.29% from the stock's current price.

A number of other equities analysts have also weighed in on WDO. Canaccord Genuity Group increased their price target on Wesdome Gold Mines from C$21.50 to C$22.50 in a research report on Thursday, October 2nd. CIBC boosted their target price on Wesdome Gold Mines from C$24.00 to C$27.00 in a report on Friday, October 10th. Finally, Stifel Canada lowered Wesdome Gold Mines from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of C$24.25.

Wesdome Gold Mines Stock Performance

Shares of WDO traded up C$0.94 during trading hours on Monday, reaching C$23.67. 326,797 shares of the company's stock traded hands, compared to its average volume of 626,519. The firm has a market capitalization of C$3.57 billion, a price-to-earnings ratio of 14.79 and a beta of 0.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.14 and a quick ratio of 0.37. Wesdome Gold Mines has a twelve month low of C$10.89 and a twelve month high of C$24.80. The business's fifty day simple moving average is C$19.70 and its two-hundred day simple moving average is C$18.48.

About Wesdome Gold Mines

Wesdome Gold Mines Ltd is a gold producer engaged in mining-related activities including exploration, processing, and reclamation. The company produces gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River Underground and Mishi Open Pit gold mines. Activities of the group primarily function through Canada and it derives revenue from the sale of gold and silver bullion.

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