BofA hikes target on Centamin citing balance sheet 'strength'
Centamin (DI)
125.80p
16:40 24/04/24
1.21%
1.50p
Analysts at Bank of America raised their target price for shares of Centamin, highlighting to clients the group's multiple strengths.
FTSE 250
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17:09 24/04/24
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FTSE 350
4,419.71
17:09 24/04/24
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16:44 24/04/24
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Mining
10,520.27
17:09 24/04/24
1.74%
180.29
Among those were its balance sheet "strength", zero debt and rising net cash position.
Earlier, the company posted first quarter production and sales numbers that came in 12% and 20% ahead of the analyst consensus, respectively.
Liquid assets at period end meanwhile stood at $331m.
BoA also highlighted management's focus on stabilising the miner's production profile and generating cash flow.
On the back of all of the above, BoA raised its target price on the shares from 130.0p to 140.0p while reiterating its recommendation to 'buy'.