-- RBC Capital Markets on Wednesday maintained Kinross Gold (K.TO)'s outperform rating and US$45 price target after the company's Q1 results.
On financials, Kinross' adjusted EPS of US$0.70 per share in the first quarter was below RBC's forecast of $0.76 per share and the consensus estimate of $0.71 per share, with larger variances relative to RBC estimates including lower gold sales vs. production and higher taxes. The miner's free cash flow of $830 million matched RBC's estimate and beat the consensus forecast of $802 million.
Kinross reiterated its 2026 guidance, noting that higher energy prices have a minimal impact on operations as a result of its hedging program. Buyback activity was in line with expectations, RBC said.
"Our view: Slightly positive. Operations and financials largely met RBC and consensus expectations. KGC reiterated guidance, noting a minimal impact from higher energy prices as a result of its hedging program. Buyback activity was in line with expectations. KGC announced the receipt of its Great Bear AEX permit, positively positioning the company to advance the UG decline and complete drilling at depth," RBC added.
Shares in Kinross were at last look up more than 2% on the TSX.
Price: $41.72, Change: $+0.86, Percent Change: +2.10%