Kinross Gold Corp. (NYSE:KGC) shares are rising Friday, rebounding after falling Thursday on lower production guidance, a Scotiabank price target reduction and broader weakness across precious metals stocks.
- Kinross Gold shares are advancing steadily. Why is KGC stock trading higher?
A Quick Recap of Thursday’s Selloff
Kinross shares slid Thursday after the company trimmed its expected gold output for 2026 and 2027 down to a range of 1.84 million to 1.86 million equivalent ounces annually, roughly 8% below the midpoint of what it had previously guided toward, while simultaneously pushing its projected mining costs for 2026 up to $1,850-$1,900 an ounce, a sharp jump from the $1,730 figure management had targeted before.
Executives pinned the weaker outlook on brutal winter conditions and metallurgical complications at the company’s La Coipa operation in Chile, plus softer mining rates and ore grades at its Round Mountain site in Nevada, even as they pointed to steady performance from flagship operations like Paracatu and Tasiast.
In an effort to soften the blow, Kinross also announced plans to return 50% of attributable free cash flow to shareholders in 2026, up from a prior 40% pledge.
CIBC Also Trims its Price Target Today
CIBC analyst Anita Soni kept an Outperformer rating on Kinross in place today but brought the price target down to $50 from $54. Even with that adjustment, Kinross still holds an overall Buy consensus across Wall Street, with the average analyst target sitting at $38.43.
TD Securities made a similar move on September 24, keeping its Buy rating while cutting its target to $35, around the same time Scotiabank made its own reduction. No specific news explains today’s bounce, though the recovery comes after a steep enough drop Thursday that some rebound wouldn’t be unusual heading into today’s session.
KGC Shares Are Trending Higher
KGC Price Action: Kinross shares were up 1.84% at $24.87 at the time of publication on Friday, according to Benzinga Pro.
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