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01:03 PM EDT, 05/12/2016 (MT Newswires) -- Detour Gold (DGC.TO) reached its highest since November 2011 after BMO Research increased its rating on the stock to outperform from market perform and its target price to $37.25.
BMO said with a long mine life and a production profile expected to improve over the coming years, Detour performs well with its revised target price methodology. A demonstrated willingness to reduce debt should also sit well with the market as the 2017 maturity of the convertible notes looms closer. Additionally, the problematic 410 conveyor has been re-engineered and should help improve mill efficiency going forward.
BMO's EPS estimates increase to $0.37 for 2016 and to $0.72 for 2017.
The stock was last up 1% at $29.59.
Price: 29.59, Change: +0.30, Percent Change: +1.0
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