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Petropavlovsk upgraded by Canaccord

29 April 2015 14:44

Canaccord Genuity has upgraded its investment rating on gold miner Petropavlovsk (LON:POG) to 'speculative buy' from 'hold', following today's results announcement and despite cutting its price target to 10 pence a share from 14 pence.

The broker said: "The valuation is sensitive to a number of factors, including the gold price, cost assumptions, exploration success (i.e. any additional non-refractory ore that extends mine-life) and currently unsanctioned projects, and as such we recommend potential investors view Petropavlovsk as a highly leveraged option on gold."

Separately, SP Angel repeated its 'buy' recommendation, commenting: "Earnings are marginally better than our estimates on the back of lower operating cash costs.

"Adjusting for FX related charges and impairments, the Company broke even in FY14, but more importantly remained cash generative at the operating level."

At 2:44pm: (LON:POG) Petropavlovsk PLC share price was +0.01p at 5.86p

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