Analysts at Bank of America raised their target price for shares of Centamin, highlighting to clients the group’s multiple strengths.
Among those were its balance sheet “strength”, zero debt and rising net cash position.
Earlier, the company posted first quarter production and sales numbers that came in 12% and 20% ahead of the analyst consensus, respectively.
Liquid assets at period end meanwhile stood at $331m.
BoA also highlighted management’s focus on stabilising the miner’s production profile and generating cash flow.
On the back of all of the above, BoA raised its target price on the shares from 130.0p to 140.0p while reiterating its recommendation to ‘buy’.