Globe says Paul increasingly impressed with B2Gold

2013-08-08 06:15 ET - In the News

The Globe and Mail reports in its Thursday, Aug. 8, edition that Canaccord Genuity analyst Rahul Paul, already bullish on B2Gold, is liking the company even more after its latest quarterly results. The Globe's Darcy Keith and Josh Kerr write in the Eye On Equities column that Mr. Paul reiterated his "buy" call on the shares. The analyst, however, hiked his target on the shares to $3.75 (U.S.) from $3.50 (U.S.). He notes B2Gold reported better-than-expected second quarter operating results and raised its guidance for the rest of the year. It also announced a larger, higher-grade reserve at its Masbate project in the Philippines. Mr. Paul says: "We view the update as positive; in particular, we see the Masbate reserve update as a key derisking catalyst which removes some uncertainty regarding the life-of-mine plan at the mine. ... B2Gold remains a 2013 Canaccord Genuity Canadian Focus List pick based on a strong balance sheet, one of the best fully funded production growth profiles in the sector, and relatively low permitting, financing and new mine development risk." Mr. Paul maintained B2Gold at "buy," with a share target price of $5, in the Eye column on June 26. The shares could then be had for $2.18.