09:26 AM EDT, 07/28/2017 (MT Newswires) -- Detour Gold's (DGC.TO) strong second-quarter financial results are "just what the doctor ordered," said Canaccord Genuity analyst Rahul Paul, the Globe & Mail reported.

On Wednesday, the gold producer reported quarterly results that "handily" topped expectations, with production 11% higher than Paul's projections and cash costs lower by 6%. Adjusted earnings per share of 15 cents were 7 cents higher than his estimate and 8 cents ahead of the consensus forecast.

In reaction to the beat, Paul raised his fiscal 2017 production projection to 586,000 ounces (from 571,000) with all-in sustaining costs of $1,100, rising from $1,082 based on higher capital stemming from additional equipment.

Paul kept his buy rating for the stock and increased his target price to $23 from $21. The analyst average target is $21.65.