Today, an analyst has provided a rating update for the Materials sector company, GoGold Resources (TSX: GGD). Analyst Heiko Ihle from H.C. Wainwright reiterated a Buy rating, with a C$1.20 price target.
Ihle wrote:
“We attribute the YoY and QoQ decline to testing of stacking techniques that negatively impacted production during the quarter. Testing was required, primarily in order to determine if compacting of the first lift was needed prior to processing additional material on a second lift situated above the older stacked material. Results determined that compaction of the first lift is necessary, and we also note that delayed recoveries were experienced for material stacked on the second lift without compaction of the first lift.”
According to TipRanks.com, Ihle is a 3-star analyst with an average return of 2.5% and a 37.6% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
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Currently, the analyst consensus on GoGold Resources is a Moderate Buy with an average price target of C$1.20.
The company has a one-year high of C$0.65 and a one-year low of C$0.31. Currently, GoGold Resources has an average volume of 121.5K.
Gogold Resources, Inc. engages in the exploration, development, and production of gold and silver. Its projects include Parral Tailings and Santa Gertrudis. The company was founded on January 18, 2008 and is headquartered in Halifax, Canada.
The company’s shares closed on Tuesday at C$0.38.
