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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (71458)	12/9/2019 8:07:55 AM
From: Goose94	Read Replies (1) of 202736

Detour Gold (DGC-T) Canaccord Genuity analyst Carey MacRury raised his rating to "buy" from "hold" on Friday, citing the market's reaction to Kirkland Lake Gold (K-T) proposed $4.9-billion acquisition of the Toronto-based miner. Mr. MacRury elevated his share target to $27.50 from $24. Analysts on average target the shares at $25.85. Mr. MacRury says in a note: "Kirkland shares fell 17 per cent on the day following the announcement of the transaction, effectively eliminating the acquisition premium. As a result, Detour shares are trading well below the implied $27.50 offer price. And the Kirkland exploration update released earlier this week received a muted reaction from investors. Although DGC shares have rebounded somewhat, feedback from Detour shareholders suggest to us there is a risk Detour shareholders reject the transaction without a sweetener to restore some or all of the premium. As a reminder, the Detour shareholder vote has a 66.7-per-cent approval threshold." He maintained a "hold" rating and $55 target for Kirkland Lake. Analysts on average target the shares at $60.16.

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