H.C. Wainwright analyst Heiko Ihle initiated coverage with a Buy rating on Asanko Gold (AKG) today and set a price target of $1.60. The company’s shares closed yesterday at $0.52, close to its 52-week low of $0.50.
Ihle said:
“Valuation for AGM We value Asanko at $388M or $1.62 per share for a rounded PT of $1.60 per share. Our valuation is based on a DCF analysis of the AGM, utilizing a discount rate of 10.0%. We believe this rate reflects the company’s current operational progress, and having recently achieved steady state levels of production at Esaase in February 2019.”
According to TipRanks.com, Ihle is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -4.3% and a 42.7% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
Currently, the analyst consensus on Asanko Gold is a Moderate Buy with an average price target of $1.60.
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The company has a one-year high of $1.17 and a one-year low of $0.50. Currently, Asanko Gold has an average volume of 283.4K.
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Asanko Gold, Inc. is engaged in the acquisition and exploration of mineral resources in West Ghana. Its projects include Esaase Gold and Asumura Gold. The company was founded by Ivan James Bebek and Shawn Kristen Wallace on September 23, 1999 and is headquartered in Vancouver, Canada.
