Thursday’s analyst upgrades and downgrades

Thursday’s analyst upgrades and downgrades DAVID LEEDER PUBLISHED 1 HOUR AGO UPDATED 1 MINUTE AGO COMMENTS SHARE SAVE FOR LATER Listen to this article Learn more about audio Log in or create a free account to listen to this article. Inside the Market’s roundup of some of today’s key analyst actions TD Cowen analyst Steven Green predicts investors will punish shares of Kinross Gold Corp. (KGC-N -3.76% decrease , K-T -3.76% decrease ) in response to the reduction to its 2026 and 2027 guidance due to underperformance at its La Coipa in Chile and Round Mountain in Nevada. “The stock has underperformed the large caps by almost 11 per cent year-to-date, so we believe some of this operational under-performance was priced in, however H2/26 and 2027 are below prior expectations as well ... The ongoing share buyback should help support the stock,” he said. After the bell on Wednesday, the Toronto-based miner announced it now expects production to come in at 1.84–1.86 million gold equivalent ounces, which is 7.5 per cent under its previous guidance of 2 million ounces for both years. “The shortfall is concentrated at two of Kinross’ smaller operations, while Paracatu and Tasiast continue to perform well and are expected to deliver a combined 1.1 Moz in 2026,” said Mr. Green. The reduction includes a third-quarter production of approximately 425,000 ounces, which is 16 per cent under Mr. Green’s prior estimate. “K does however expect to continue generating strong FCF and has upped their capital return target to 50 per cent of FCF (from 40 per cent), which equates to $1.4-billion on our estimates,” he added. “They have returned $800-million to shareholders year-to-date, including $655-million through buybacks. “We have decreased our 2026 and 2027 production forecasts by 7 per cent and 9 per cent respectively and reflected the new cost guidance. This decreases 2026 EBITDA by 10 per cent and 2027 EBITDA by 11 per cent. Our NAV/sh decreased by 3 per cent, to $28.36. “Lower production drives cost guidance higher. K now expects 2026 cost of sales of $1,420– 1,460/oz and AISC [all-in sustaining costs] of $1,850–1,900/oz, an increase of 6 per cent & 8 per cent respectively. We now model AISC of $1,867/oz (prev. $1,778).” Maintaining his “buy” rating for Kinross shares, Mr. Green reduced his target to US$35 from US$40. The average on the Street is US$38.43. “Kinross has delivered very consistent and predictable results in recent years, is generating significant…