Gold Resource Corp's Performance Amidst Declining Production: Analyst Forecasts 2Q23 Results
Portfolio Pulse from Nabaparna Bhattacharya
H.C. Wainwright analyst Heiko F. Ihle reiterated a Buy rating on Gold Resource Corporation (GORO), increasing the price target to $3.25 from $3.00. This comes after GORO announced a 33% Y/Y decrease in 2Q23 production results. Despite the decline, the company maintains its 2023 guidance of 30,000 – 31,000 gold equivalent ounces. The analyst expects GORO's ongoing exploration focus and new zone of mineralization to contribute to future operational results. GORO shares are trading higher by 9.9%.
July 17, 2023 | 5:54 pm
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Despite a 33% Y/Y decrease in 2Q23 production, GORO maintains its 2023 guidance. The company's ongoing exploration focus and new zone of mineralization are expected to contribute to future operational results. GORO shares are trading higher by 9.9%.
The analyst's reiterated Buy rating and increased price target, along with the company's ongoing exploration focus and new zone of mineralization, are likely contributing to the rise in GORO's share price. Despite a decrease in production, the company's maintained 2023 guidance indicates confidence in its future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100