BMO Capital Resumes Coverage of Equinox Gold (EQX) with an Outperform Rating, Slashes PT to C$11

Equinox Gold Corp. (NYSE:EQX) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. On June 18, BMO Capital analyst Kevin O’Halloran resumed coverage of Equinox Gold Corp. (NYSE:EQX) with an Outperform rating, bringing the price target down to C$11 from C$11.50.

The analyst told investors in a research note that Equinox Gold Corp. (NYSE:EQX) has closed the acquisition of Calibre Mining, resulting in the formation of a key diversified gold producer with operations across the Americas, supported by the Canadian Valentine and Greenstone mines, two major sites in the country.

Lower Outlook Dampens Drags Down Equinox Gold (EQX)

Aerial view of a large-scale gold mine, showing the extent of the company’s operations.

The firm also stated that the acquisition bolstered Equinox Gold Corp.’s (NYSE:EQX) position as the second-largest gold producer in Canada, offering a strong platform with long-term value creation and heightened production, supported by a strong leadership team. BMO expects an improving balance sheet and “substantial” free cash flow for Equinox Gold Corp. (NYSE:EQX), stating that its shares remain discounted when compared to its peers.

Equinox Gold Corp. (NYSE:EQX) is a Canadian mining company operating in the Americas through eight gold mines. Its operating mines include the Aurizona Gold Mine, Fazenda Gold Mine, Santa Luz Gold Mine, RDM Gold Mine, Los Filos Gold Mine, Castle Mountain Gold Mine, Mesquite Gold Mine, and Greenstone Gold Mine. The company’s development projects include the Greenstone Project, Los Filos Expansion, Castle Mountain Expansion, and Aurizona Expansion.

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